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Financial Services Legislative and Regulatory Update -- May 20‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 5/20/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - The conflation of three scandals clearly tainted President Obama...more

President Obama Nominates New FHFA Director

by BuckleySandler LLP on 5/10/2013

On May 1, President Obama announced the nomination of Representative Mel Watt (D-NC) to serve as Director of the FHFA. Mr. Watt has represented portions of Charlotte and other North Carolina communities since 1993 and...more

New Jersey Gets Federal Approval for $1.8 Billion in Hurricane Sandy Aid

by Holly Horsley, William C. Rhodes | Ballard Spahr LLP on 5/8/2013

The Obama administration recently approved more than $1.8 billion in aid to help New Jersey residents and businesses recover from Hurricane Sandy. The Community Development Block Grant (CDBG) funds for New Jersey, part of a...more

President Releases Fiscal Year 2014 HUD Budget

by Mary Grace Folwell, Sharon Wilson Geno, Nydia Pouyes | Ballard Spahr LLP on 4/15/2013

President Obama's fiscal year 2014 budget for the U.S. Department of Housing and Urban Development (HUD), released on April 10, 2013, increases funding for many programs. The budget also includes legislative language that...more

Illinois House Considers Bill to Allow “Bonding Off” of Mechanics Liens

by Timothy Patenode, Jennifer Ryan | Katten Muchin Rosenman LLP on 4/12/2013

Lenders in Illinois might want to take note of pending Illinois House Bill 2804. The bill would amend the Mechanics Lien Act, so as to allow “bonding off” of mechanic liens for the first time in Illinois. Nearly every state...more

The Canadian Federal Budget and Financial Institutions

by Kashif Zaman | Osler, Hoskin & Harcourt LLP on 4/10/2013

The recently published federal budget (titled “Canada’s Economic Action Plan 2013”) included high level guidance regarding the Government’s priorities for the regulation of financial institutions, services and markets. The...more

Democratic Lawmakers Push Regulators For Independent Foreclosure Review Details

by BuckleySandler LLP on 4/3/2013

On March 25, Senator Elizabeth Warren (D-MA) and Representative Elijah Cummings (D-MD) sent a letter to Federal Reserve Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry challenging the regulators’ response...more

House, Senate Committees Hold Separate Hearings On Housing Finance Reform

by BuckleySandler LLP on 3/28/2013

On March 19, the Senate Banking Committee and the House Financial Services Committee each held a hearing to review issues related to housing finance post-federal conservatorship of Fannie Mae and Freddie Mac. The House...more

Financial Services Legislative And Regulatory Update -- March 25‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 3/26/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Members rushed out of town at the end of last week for a two-week...more

Bipartisan Committee Issues Report on Future of U.S. Housing - and Mortgage Bankers Issue Their Response: News Releases of the...

by Rosa Eckstein Schechter on 3/5/2013

Last week, a bipartisan commission of former Cabinet secretaries, ex-Senators, economists, and experts in various aspects of the American housing industry or market issued their report on how things are and how things should...more

Florida Senator Soto Files Four Bills to Counter Pending HB 87 Foreclosure Reform Act

by Rosa Eckstein Schechter on 3/1/2013

While HB87 continues through the Florida statehouse, the foreclosure reform bill filed by State Rep. Kathleen Passidomo, Florida State Senator Darren Soto has now filed not one or two, but four separate foreclosure-related...more

Defendants In CFPB Enforcement Action Renew Challenge To Validity Of Director’s Appointment

by BuckleySandler LLP on 2/25/2013

On February 11, a law firm and related parties sued by the CFPB for allegedly deceiving consumers through a network of mortgage loan modification businesses filed a brief in which they renewed a challenge to the CFPB...more

Senate Banking Committee Chairman Outlines Agenda

by BuckleySandler LLP on 2/21/2013

On February 12, Chairman Johnson released the committee’s agenda, which includes among its top priorities continuing oversight of implementation of the Dodd-Frank Act, and stabilizing the housing market and building consensus...more

President Obama Touts Refinancing Plan in State of the Union Address

by Sacha Boegem, Robert Siegel | Bilzin Sumberg Mortgage Repurchase Group on 2/20/2013

In his State of the Union Address on February 12, 2013, President Obama called on Congress to make it easier for families to refinance their mortgages. Specifically, the President urged Congress to pass refinancing...more

Financial Services Legislative And Regulatory Update -- February 18‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 2/19/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - President Obama touched on both new and old initiatives in his State of...more

House Democrats Urge President Obama To Nominate FHFA Director

by BuckleySandler LLP on 2/19/2013

On February 7, 45 Democratic Members of the House of Representatives sent a letter to President Obama requesting he nominate a permanent director for the FHFA to replace Acting Director Edward DeMarco. ...more

Past CFPB actions may portend fate of mortgage rules

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 2/5/2013

Following the invalidation of three presidential “recess” appointments to the NLRB by the D.C. Circuit Court of Appeals in Noel Canning v. NRLB, theories continue to swirl about the fate of Director Cordray....more

Is this the Future of Adaptation? Who Pays to Avoid the Cost of Coastal Flooding?

by Seth Jaffe | Foley Hoag LLP - Environmental Law on 2/4/2013

The New York Times reported today that Governor Cuomo is proposing to spend $400 million to buy out owners of property to avoid a recurrence of the damage caused by Hurricane Sandy. I have to say that I have been persuaded...more

Financial Services Legislative And Regulatory Update -- February 4‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 2/4/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - Even though the Senate sent a debt limit extension to the...more

Senate Confirms FHA Commissioner And Other Key Agency Nominees

by BuckleySandler LLP on 1/14/2013

On December 30, the Senate confirmed Carol Galante as Assistant Secretary of Housing and Urban Development and Federal Housing Administration Commissioner. Ms. Galante, who was nominated for the position in October 2011, has...more

Weekly Brief: Lawyers Laid Off After Foreclosure Settlement [Video]

by Bloomberg Law on 1/10/2013

Jan. 10 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the week. A major settlement between Fannie Mae and several large banks has resulted in many lawyers suddenly finding themselves...more

Mortgage Forgiveness Act Extended

by Michele Bowman | Lawyers.com on 1/8/2013

As part of the law passed as a last minute escape of the so-called fiscal cliff, Congress extended the Mortgage Forgiveness Debt Relief Act to the great relief of homeowners who’ve suffered foreclosure....more

Fiscal Cliff and Florida Real Estate Deals: Two Key Income Tax Exemptions Have Survived the Cliff - Good News for Florida's Real...

by Rosa Eckstein Schechter on 1/7/2013

Today, the impact of the legislation passed by the House and Senate and autopenned into law by President Obama is still being digested and the entirety of its impact is still being analyzed for its impact on businesses,...more

New Markets Tax Credit Program Extended for Two Years by American Taxpayer Relief Act of 2012

by Christina Novotny, George Skupski, Alexander Szilvas, Nathan Ware | BakerHostetler on 1/5/2013

On January 2, 2013, President Barack Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) into law which, in addition to addressing other "fiscal cliff" issues, extends the New Markets Tax Credit ("NMTC") Program...more

A Christmas Wish: Fix Dodd-Frank (Just a Little)

by Rick Jones | Dechert LLP on 12/24/2012

The election’s over and elections matter we’re told, albeit most of the denizens of Washington seem to have remained in their seats. The fiscal cliff awaits. We wait, with various levels of trepidation, for a workable...more

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Residential Real Estate › Election & Politics Law › Finance & Banking

Financial Services Legislative and Regulatory Update -- May 20‚ 2013

President Obama Nominates New FHFA Director

New Jersey Gets Federal Approval for $1.8 Billion in Hurricane Sandy Aid

President Releases Fiscal Year 2014 HUD Budget

Illinois House Considers Bill to Allow “Bonding Off” of Mechanics Liens

The Canadian Federal Budget and Financial Institutions

Democratic Lawmakers Push Regulators For Independent Foreclosure Review Details

House, Senate Committees Hold Separate Hearings On Housing Finance Reform

Financial Services Legislative And Regulatory Update -- March 25‚ 2013

Bipartisan Committee Issues Report on Future of U.S. Housing - and Mortgage Bankers Issue Their Response: News Releases of the...

Florida Senator Soto Files Four Bills to Counter Pending HB 87 Foreclosure Reform Act

Defendants In CFPB Enforcement Action Renew Challenge To Validity Of Director’s Appointment

Senate Banking Committee Chairman Outlines Agenda

President Obama Touts Refinancing Plan in State of the Union Address

Financial Services Legislative And Regulatory Update -- February 18‚ 2013

House Democrats Urge President Obama To Nominate FHFA Director

Past CFPB actions may portend fate of mortgage rules

Is this the Future of Adaptation? Who Pays to Avoid the Cost of Coastal Flooding?

Financial Services Legislative And Regulatory Update -- February 4‚ 2013

Senate Confirms FHA Commissioner And Other Key Agency Nominees

Weekly Brief: Lawyers Laid Off After Foreclosure Settlement [Video]

Mortgage Forgiveness Act Extended

Fiscal Cliff and Florida Real Estate Deals: Two Key Income Tax Exemptions Have Survived the Cliff - Good News for Florida's Real...

New Markets Tax Credit Program Extended for Two Years by American Taxpayer Relief Act of 2012

A Christmas Wish: Fix Dodd-Frank (Just a Little)

Weekly Brief: Lawyers Laid Off After Foreclosure Settlement [Video]

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