May 2020

An informative e-newsletter for the Real Property Law Section of the State Bar of Michigan.

SOFR to Replace LIBOR


By Howard Lax, Bodman PLC

UK authorities are planning to end the publication of the London Inter-bank Offered Rate (LIBOR) at the end of 2021.This transition will impact trillions of dollars of consumer loans, securitizations, floating rate notes and bonds, rate swaps, options, and other derivatives that use LIBOR as a rate index. The Federal Reserve Board (FRB) suggested the Secured Overnight Financing Rate (SOFR) to replace LIBOR. New York regulators issued an Industry Letter: Request for Assurance of Preparedness for LIBOR Transition to all NY financial institutions on December 23, and the NY branch of the FRB published a Statement Regarding Publication of SOFR Averages and a SOFR Index.

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Make it Home—Saving Detroiters’ Homes After Tax Foreclosure

Make It Home

By Tyler Schofield, Bodman PLC

Each year, thousands of Detroit residents lose their homes at auction after tax-related foreclosure. In 2019 alone, the Wayne County Treasurer’s Office sent more than 34,000 tax-related foreclosure notices to Detroit residents.

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RPLS Summer Conference 2020 Has Been Canceled

I hope this message finds you and your loved ones safe and healthy as we all continue to deal with the new realities imposed on us by COVID-19.

Unfortunately, I am sorry to advise you that in light of increased and overwhelming concerns, the council has recommended that the Summer Conference, originally scheduled for July 15-18 at Mission Point, be canceled. While we are very disappointed that we are unable to hold our premier event for our members, we know it’s the right decision based on the information we have today.

We will all miss spending time together during this three-day program. Not only is Summer Conference a great opportunity to learn and network with other section members—it is a great way to connect with old and new friends. I look forward to it every year and will hope to see you at next year’s conference—healthy and sound.

If you have already reserved a room at Mission Point, a representative from its reservation department will be contacting you to provide you with a full refund for your deposit. Mission Point has been very gracious in light of these circumstances and we hope to return for a conference there in the future.

Thank you and best wishes for health and safety to you and your families and colleagues.

Catharine LaMont
Chairperson, Real Property Law Section

Legislative Report

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The views and opinions expressed in these articles are those of the authors, and they do not reflect in any way the positions of the State Bar of Michigan or the Real Property Law Section. These columns are meant for informational purposes only and should not be construed as legal advice. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing, or recommending to another person any transaction or matter addressed in this communication.