As a member of the firm’s Financial Services and Bankruptcy and Creditors’ Rights practice groups, Brooks Bossong works with banks, credit unions, nonbank lenders, and servicers, with a focus on creditors' rights/special assets, regulatory and compliance issues. He represents a variety of financial institutions throughout North Carolina in the workout and restructuring of trouble debt facilities.
When workouts are no longer viable options for problem loans, Brooks is in court handling the recovery of debts and/or collateral (and defending creditors if borrowers or guarantors assert lender liability claims). Brooks has a statewide practice and is routinely in state and federal court (including bankruptcy court) throughout North Carolina.
Brooks regularly works on complex commercial matters with mixed collateral security issues, but also has significant experience working with portfolios of defaulted consumer mortgages for banks/servicers and credit unions.
Brooks’ experience includes:
- commercial litigation with a focus on creditors’ rights
- handling foreclosures (as trustee or as lender’s counsel), with experience working with complex servicing and participation agreements
- collections (and lender liability defense)
- pursuing prejudgment remedies to protect clients’ collateral via the replevin/claim and delivery or attachment process
- investigating asset transfers and pursuing claims under NC’s Uniform Voidable Transactions Act
- representing clients in federal forfeiture proceedings
- pursuing post judgment enforcement via NC’s supplemental proceedings process
- domesticating and enforcing foreign judgments (as local or lead counsel)
- bringing reformation actions when previously recorded deeds of trust don’t reflect the parties’ intentions with respect to lenders’ security interests in real property collateral
- advising clients with loan modifications, loan sales, and forbearance agreements in which his creditor-clients’ secured positions are re-evaluated (and augmented with additional collateral when necessary)
With respect to consumer financial legislation, Brooks regularly advises lenders and servicers on federal and state regulatory and compliance issues, including compliance with the Consumer Financial Protection Bureau’s (CFPB) rules relating to mortgage servicing, early intervention, and loss mitigation procedures. Brooks is a regular speaker on creditors’ rights, compliance issues and maintains the firm’s CFPB blog.
- Louisiana State University, J.D., 1993
- University of North Carolina, B.A., 1984
- North Carolina
- U.S. District Courts of Eastern, Middle, and Western North Carolina
- North Carolina Bar Association
- NC Creditors Bar Association
- NC Bankers Association
- Greensboro Bar Association
- NCLEAP (North Carolina Lawyers for Entrepreneurs Assistance Program), Steering Committee
- UNC School of Law Center for Banking and Finance Board of Advisors
- Habitat for Humanity Board of Directors
Martindale-Hubbell AV Peer Rated for Highest Level of Professional Excellence
Overview
As a member of the firm’s Financial Services and Bankruptcy and Creditors’ Rights practice groups, Brooks Bossong works with banks, credit unions, nonbank lenders, and servicers, with a focus on creditors' rights/special assets, regulatory and compliance issues. He represents a variety of financial institutions throughout North Carolina in the workout and restructuring of trouble debt facilities.
When workouts are no longer viable options for problem loans, Brooks is in court handling the recovery of debts and/or collateral (and defending creditors if borrowers or guarantors assert lender liability claims). Brooks has a statewide practice and is routinely in state and federal court (including bankruptcy court) throughout North Carolina.
Brooks regularly works on complex commercial matters with mixed collateral security issues, but also has significant experience working with portfolios of defaulted consumer mortgages for banks/servicers and credit unions.
Brooks’ experience includes:
- commercial litigation with a focus on creditors’ rights
- handling foreclosures (as trustee or as lender’s counsel), with experience working with complex servicing and participation agreements
- collections (and lender liability defense)
- pursuing prejudgment remedies to protect clients’ collateral via the replevin/claim and delivery or attachment process
- investigating asset transfers and pursuing claims under NC’s Uniform Voidable Transactions Act
- representing clients in federal forfeiture proceedings
- pursuing post judgment enforcement via NC’s supplemental proceedings process
- domesticating and enforcing foreign judgments (as local or lead counsel)
- bringing reformation actions when previously recorded deeds of trust don’t reflect the parties’ intentions with respect to lenders’ security interests in real property collateral
- advising clients with loan modifications, loan sales, and forbearance agreements in which his creditor-clients’ secured positions are re-evaluated (and augmented with additional collateral when necessary)
With respect to consumer financial legislation, Brooks regularly advises lenders and servicers on federal and state regulatory and compliance issues, including compliance with the Consumer Financial Protection Bureau’s (CFPB) rules relating to mortgage servicing, early intervention, and loss mitigation procedures. Brooks is a regular speaker on creditors’ rights, compliance issues and maintains the firm’s CFPB blog.
- North Carolina Bar Association
- NC Creditors Bar Association
- NC Bankers Association
- Greensboro Bar Association
- NCLEAP (North Carolina Lawyers for Entrepreneurs Assistance Program), Steering Committee
- UNC School of Law Center for Banking and Finance Board of Advisors
- Habitat for Humanity Board of Directors
Martindale-Hubbell AV Peer Rated for Highest Level of Professional Excellence
Notable
In early 2015, the North Carolina Bankers Association called on Brooks to author a Legal Memorandum regarding the Consumer Financial Protection Bureau's new mortgage servicing rules and the recent Flagstar Bank Enforcement Action.
On December 11th, 2014 Brooks was a CLE presenter at the North Carolina Bar Center in Cary. The event focused on collection and enforcement of judgments. Brooks presented on "Ethical Considerations in Collection Matters" and examined topics such as:
- The Intersection of the Federal Fair Debt Collection Practices Act and the North Carolina Debt Collection Act
- North Carolina’s Emergency Program to Reduce Home Foreclosures Act
- The Consumer Financial Protection Bureau’s new mortgage servicing rules
Over the past few years Brooks has been very active in loan workouts and restructurings. In several recent cases in court, Brooks was successful in defending banking clients from lender liability claims raised by borrowers and guarantors (based on breach of fiduciary duty) at the summary judgment level, avoiding lengthy jury trials. Brooks was also successful in pursing the imposition of personal liability on an individual corporate agent for a judgment debtor corporation who refused to cooperate in furnishing schedules of the corporation’s officers and properties to the levying officer. Insulation Systems, Inc. v. Fisher, 2009, 197 N.C.App. 386, 678 S.E.2d 357, review denied 363 N.C. 654, 684 S.E.2d 890.
Brooks was also recently successful in handling an appeal relating to the imposition of personal liability on an individual corporate agent for a defendant judgment debtor who refused to furnish a schedule of the defendant’s property to the levying officer. Insulation Systems, Inc. v. Fisher, 2009, 197 N.C.App. 386, 678 S.E.2d 357, review denied 363 N.C. 654, 684 S.E.2d 890.
Speaking & Writing
- NCUA Board Raises Commercial Real Estate Loan Appraisal Threshold to $1 Million
August 14, 2019 - The CFPB’s Enforcement Case against Ocwen Financial Corporation – 18 Month Checkup
October 3, 2018 - Update on The CFPB’s Enforcement Case against Ocwen Financial Corporation
September 21, 2017 - The NCUA's New Member Business Lending and Commercial Lending Rule, and the Lingering Issue of Spousal Guarantees
May 18, 2017 - Is your Motor Vehicle Loan Safe? Part 2: North Carolina
April 27, 2017 - The CFPB Enforcement Action Against Navy Federal Credit Union and the Broad Sweep of UDAAPs
March 30, 2017 - Redlining Action Against BancorpSouth: The Department of Justice and the Consumer Financial Protection Bureau Join Forces
September 19, 2016 - Cutting Through the Constitutionality Haze in the Battle Between PHH Corporation and the Consumer Financial Protection Bureau
May 19, 2016 - The Consumer Financial Protection Bureau’s New Rule for Compliance with the Home Mortgage Disclosure Act
January 29, 2016 - Redlining and the joint action by the Consumer Financial Protection Bureau and the Department of Justice against Hudson City Savings Bank
November 12, 2015 - Countdown to TRID Implementation
September 25, 2015 - The Consumer Financial Protection Bureau's case against Citibank for violations relating to credit card add-on products
August 25, 2015 - The Consumer Financial Protection Bureau's new "Know Before You Owe" Mortgage Disclosure Rule
July 23, 2015 - The Consumer Financial Protection Bureau's cases against Sprint and Verizon for Mobile Cramming
June 23, 2015 - Corinthian Colleges: Part Two - the "Perfect Storm"
April 29, 2015 - The Consumer Financial Protection Bureau's case against Corinthian Colleges
March 12, 2015 - Why the Flagstar Bank Case is Important
January 8, 2015 - Changes to Mortgage Servicing Rules
November 20, 2014 - Consumer Financial Protection Bureau 101
November 10, 2014
Brooks has spoken at numerous CLEs on the topics of creditors’ rights, landlord tenant law, supplemental proceedings, foreclosures, and the Federal Fair Debt Collection Practices Act.
He co-authored an edition of Successful Judgment Collections in North Carolina published by National Business Institute in 2000, and was also a co-author of the NC State Bar Association 2011 CLE Manual on Collection and Enforcement of Judgments.
Brooks maintains Nexsen Pruet’s blog regarding the Consumer Financial Protection Bureau and its latest rules and enforcement cases. Click below link for posts:
Blog: Consumer Financial Protection Bureau
Outside Nexsen Pruet
Outside Nexsen Pruet, Brooks enjoys racquet sports, reading and running. Brooks is a member of the Board of Directors for Habitat for Humanity of Greensboro, the Board of Advisors for the UNC School of Law Center for Banking and Finance, and the Board of Advisors for NC LEAP (Lawyers for Entrepreneurs Assistance Program). He is active in the YMCA Adventure Guides Program and coaches flag football for the YMCA. Brooks is a member of Centenary United Methodist Church in Winston-Salem.
