Final Rule for Disclosure Relating to the Acquisition of Legal Title to a Mortgage Loan

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BACKGROUND

On August 16, 2010, the Federal Reserve Board (“Board”) issued two proposed rules and three final rules governing federal Truth-in-Lending Act (“TILA”) requirements for residential mortgage loans. This Client Alert summarizes the Board’s final rule that requires a disclosure relating to the acquisition of legal title to a mortgage loan.

Later Client Alerts will address the Board’s remaining proposal and final rule.

Please see full alert 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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