Banking & Financial Services E-Note - July 2012

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In This Issue:

- White House Mortgage Refinancing Efforts Limited by Banks' Capacity

- CFPB Proposes New Rules to Increase Mortgage Disclosure

- U.S. Lawmakers Urge Strong Legal Protection for Mortgage Lenders

- Libor Legal Threat May Come From Small Banks

- Libor-Type Fixing Needs Monitoring: Office of Financial Research

- FDIC Asks Banks to Stop Using Agency's Name on Customer Fees

- Facebook Helping Banks Engage Customers With Transactions

- Cities Investing Public Money in Local Banks, Credit Unions

- Excerpt from White House Mortgage Refinancing Efforts Limited by Banks' Capacity:

White House efforts to push widespread refinancing of mortgages for homeowners who owe more than their properties are worth may be limited by banks’ stretched capacity to originate loans and their concerns that the borrowers are too risky. By the end of May, 78,000 homeowners with mortgages at least 5 percent larger than the value of their homes had refinanced into lower interest rates under the new rules for the Home Affordable Refinance Program, the Federal Housing Finance Agency reported.

Please see full E-Note below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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