Treasury Reports Improvements in Residential Mortgage Servicing
The U.S. Department of Treasury (Treasury) recently issued a report that reviewed the implementation of Treasury guidelines for streamlining distressed homeowners’ communications with mortgage lenders....
View ArticleCFTC Issues Broad Securitization Industry Relief on Commodity Pool Regulation
On Friday, December 7, 2012, the U.S. Commodity Futures Trading Commission (CFTC), through its Division of Swap Dealer and Intermediary Oversight (Division), issued a letter which provides broad relief...
View ArticleU.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages...
Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans...
View ArticleProposed FASB Rule Accelerating Recognition of Credit Loss
The Financial Accounting Standards Board (FASB) recently released an exposure draft (“Exposure Draft”) that proposes a new approach to accelerate the recognition of credit losses (“Proposed Rule”). The...
View ArticleSecurities and Exchange Commission Report to Congress on Assigned Credit...
Recently the Staff of the Division of Trading and Markets (the “Staff”) of the U.S. Securities and Exchange Commission (the “Commission”) published a report to Congress outlining the findings from the...
View ArticleNew Legislation Introduced to Allow Discharge of Private Student Debt
The Consumer Financial Protection Bureau (the “CFPB”) reported in 2012 that U.S. borrowers are burdened by more than $1 trillion in student debt, including over $150 billion of private student loans....
View ArticleU.S. Consumer Financial Protection Bureau Seeks Comments to Proposed...
The U.S. Consumer Financial Protection Bureau (the “Bureau”) has released a proposal (the "Proposal") to amend the Bureau's recently issued final rules (the “Rules”) on the definition of a qualified...
View ArticleU.S. Department of Housing and Urban Development Issues Final Rule Affirming...
The U.S. Department of Housing and Urban Development (“HUD”) issued a final rule (“Rule”) on February 8, 2013, which provides additional support to potential government and private plaintiffs seeking...
View ArticleBasel Committee’s Proposed Revisions to the Securitization Framework
The Basel Committee on Banking Supervision (the “Basel Committee”) published a consultative document, “Revisions to the Basel Securitisation Framework” (the “Proposed Revisions”) on December 18, 2012,...
View ArticleMunicipalities Continue to Advance Plans to Use Eminent Domain to Seize...
A number of industry groups1 (the “Industry Groups”) raised concerns recently when Mortgage Resolution Partners (“MRP”) entered into contracts with two additional municipalities to formalize the use of...
View ArticleResidential Mortgage Securitization Update: GSE Reform Bill
Senators Bob Corker (R-TN) and Mark Warner (D-VA) have introduced a bi-partisan bill to reform the U.S. housing finance market. Entitled the “Housing Finance Reform and Taxpayer Protection Act of 2013”...
View ArticleU.S. Regulators Respond to Public Comments and Restructure Proposed Rule for...
One of the important unfinished aspects of the Dodd-Frank Act (“Act”) is the requirement for Federal agencies (“Regulators”) to issue regulations implementing Section 941 of the Act which generally...
View ArticleU.S. Basel III Final Rule and its Impact on the Securitization Framework
The three U.S. federal banking agencies (the “Agencies”) have adopted a final rule (the “Rule”) that implements the Basel III regulatory capital framework and comprehensively revises the regulatory...
View ArticleSEC Re-Opens Comment Period for Asset-Backed Securities Rules
An update to Regulation AB (“Reg AB II”) was originally proposed by the U.S. Securities and Exchange Commission (the “SEC”) on April 7, 2010,1 with an initial comment period open until August 2, 2010...
View ArticleThe Housing Finance Reform and Taxpayer Protection Act of 2014
This article provides a brief summary of the key provisions of a new bi-partisan Senate bill, based on the Housing Finance Reform and Taxpayer Protection Act of 2013, as well as a brief discussion of a...
View ArticleNew Regulation AB II and NRSRO Rules Released
The U.S. Securities Exchange Commission (the “SEC”) released new Regulation AB II Rules (the “Reg AB Rules”) and regulations relating to credit rating agencies (“the NRSRO Rules”) on August 27, 2014....
View ArticleFinal Credit Risk Retention Rules Adopted for Asset Backed Securities and...
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Housing and Urban Development, Federal Housing...
View ArticleSecond Circuit Denies Request for Rehearing in Madden v. Midland Funding Case
In a case closely watched by the lending industry, on August 12, 2015, the U.S. Second Circuit Court of Appeals denied a request by Midland Funding, LLC (Midland Funding) to rehear a case decided in...
View ArticleUS Treasury Eyes Online Marketplace Lending
In an interesting and unusual development, the Treasury Department has issued a notice seeking public input on the online marketplace lending business for small businesses and consumers (“Notice”),...
View ArticleMarketplace Lending Developments in Maryland, California and Pennsylvania
Recently, two courts rendered decisions that have implications for the marketplace lending industry regarding the application of state usury and licensing laws to marketplace lenders. Concurrently,...
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