Patrick D. Dolan

Patrick D. Dolan

Dechert LLP

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The 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 new House of...more

4/1/2014 - Housing Finance Reform Housing Market

SEC 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 (the “Proposal”) to...more

3/3/2014 - Asset-Backed Securities Public Comment Regulation AB SEC

U.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 capital requirements for...more

9/13/2013 - Banks Basel III Compliance Dodd-Frank New Regulations NPR Securitization

U.S. Regulators Respond to Public Comments and Restructure Proposed Rule for Credit Risk Retention

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 requires that a securitizer...more

9/11/2013 - Asset-Backed Securities Collateralized Loan Obligations Disclosure Requirements Dodd-Frank Investors Mortgage-Backed Securities Qualified Mortgage Rule Risk Retention

Residential 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” (the “Reform Bill” or...more

7/12/2013 - Compliance FHFA FMIC Housing Finance Reform Mortgage Insurance Fund Mortgages RMBS

Municipalities Continue to Advance Plans to Use Eminent Domain to Seize Underwater Residential Mortgages

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 eminent domain programs...more

6/4/2013 - Eminent Domain Fifth Amendment Investors Mortgages Municipalities Securitization

Basel 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, which proposes...more

5/28/2013 - Basel Committee Capital Requirements Credit Ratings Risk Management Securitization Vehicles

U.S. Department of Housing and Urban Development Issues Final Rule Affirming Use of Disparate Impact to Establish Liability for...

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 to challenge “facially...more

2/15/2013 - Burden of Proof Burden-Shifting Discriminatory Effects Rule Disparate Impact FHA HUD Legally Sufficient Justification

U.S. Consumer Financial Protection Bureau Seeks Comments to Proposed Amendments to the Ability-to-Repay Requirements and Qualified...

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 mortgage (“QM”) and the...more

2/15/2013 - Ability-to-Repay Additional Classes of QM CFPB Exemptions Mortgages Qualified Mortgage Rule Rebuttable Presumption Threshold Safe Harbors

New 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. According to TransUnion,...more

2/15/2013 - BAPCPA CFPB Federal Student Loans Private Student Loan Bankruptcy Fairness Act Private Student Loans Student Loans

Securities and Exchange Commission Report to Congress on Assigned Credit Ratings for Structured Finance Products

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 study the Commission was...more

2/5/2013 - 15E(w) System 17g-5 System Credit Ratings Dodd-Frank Franken Amendment NRSRO SEC SEC Commissioner Structured Financial Products

Proposed 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 FASB perceives delayed...more

1/22/2013 - Credit Losses Financial Accounting Standards Board GAAP International Financial Reporting Standards Loans Secured Debt

U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay

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 made to them. In...more

1/16/2013 - Ability-to-Repay Borrowers CFPB Damages Dodd-Frank Foreclosure Lenders Loans Mortgages Penalties Qualified Mortgage Rule Rebuttable Presumptions Safe Harbors TILA

CFTC 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 for certain segments of...more

12/13/2012 - CFTC Commodity Pool No-Action Relief Securitization Vehicles Swap Dealers

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. The Treasury...more

12/4/2012 - Mortgages Servicing Policies Treasury

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