InfoBytes, February 18, 2011 - Weekly In-depth review of news & developments in the financial services industry

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Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Mortgages

• Banking

• Litigation

• E-Financial Services

• Privacy/Data Security

• Credit Cards

Excerpt from "Federal Issues"

Regulators Update Senate Banking on Key Initiatives, Including the Horizontal Servicing Review and "Qualified Residential Mortgages". On Thursday, in testimony before the Senate Banking Committee, Acting Comptroller John Walsh offered details on a wide range of key OCC regulatory initiatives. Walsh offered details about the preliminary findings and goals for the agencies’ horizontal servicing review. Walsh said that the exams found critical deficiencies and shortcomings in a wide range of foreclosure processes that violated state and local laws, regulations and rules and have adversely impacted the functioning of mortgage markets and the economy. Walsh did, however, note that only in a small number of foreclosure sales were borrowers wrongly foreclosed upon, and in fact in most cases the servicer maintained adequate documentation demonstrating perfection in the interest in the mortgage, which would support the legal standing to foreclose.

Walsh said that the exam findings will be the basis for the development of new national mortgage servicing standards. Walsh raised concerns with the adequacy of staffing in loss mitigation department and the practice of dual tracking foreclosures and trial modifications.

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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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