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Brooks F. Bossong

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  • (T) 336.387.5169
  • (F) 336.387.8905
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Overview

Brooks Bossong focuses his practice on banking law, credit union law, creditors' rights/special assets, regulatory/compliance issues and commercial litigation. Brooks has a statewide practice in which he represents a variety of financial institutions and business lenders in the workout and restructuring of troubled debt facilities. When restructuring is no longer a viable option, Brooks handles the prosecution of debt and collateral recovery, including bringing suit in state or federal court. He has significant experience representing clients in investigating asset transfers, pursuing fraudulent conveyance claims, handling foreclosures (as trustee or as lender’s counsel, with significant experience working with complex servicing and participation agreements), representing clients in federal forfeiture proceedings, pursuing prejudgment remedies such as attachment and replevin/claim and delivery, handling the domestication and enforcement of foreign judgments, and pursuing post judgment enforcement via supplemental proceedings. Brooks also advises and assists clients with loan modifications, loan sales, and forbearance arrangements in which clients’ secured positions are re-evaluated and augmented. He regularly advises lenders/servicers on state and federal regulatory compliance issues, including compliance with the Consumer Financial Protection Bureau’s rules relating to mortgage servicing, early intervention, and loss mitigation procedures. Brooks has considerable experience in state and federal courts, including trial and motions practice, appellate advocacy and bankruptcy practice. 

Education
  • Louisiana State University, J.D., 1993
  • University of North Carolina, B.A., 1984
Bar Admissions
  • North Carolina
  • U.S. District Courts of Eastern, Middle, and Western North Carolina
Civic & Professional Memberships
  • Greensboro Bar Association
  • North Carolina Bar Association
  • NC Creditors Bar Association
  • NC Bankers Association
  • NCLEAP (North Carolina Lawyers for Entrepreneurs Assistance Program), Steering Committee

 

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.

Related Insights
Overview

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, 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.

Brooks Bossong main bio photoBrooks Bossong outside NP photo

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