InfoBytes, July 2, 2010 - 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

• Miscellany

• Mortgages

• Banking

• Consumer Finance

• Securities

• Insurance

• Litigation

• E-Financial Services

Excerpt from "Federal Issues"

House Passes Financial Reform Bill. On June 30, the U.S. House of Representatives passed (by a 237-192 vote) the Dodd-Frank Bill. Approval by the U.S. Senate, previously anticipated prior to the July 4 holiday, has been delayed. If and when the bill passes, BuckleySandler LLP will issue a Regulatory Restructuring Report containing a detailed summary of the legislation. For a summary of major provisions of the bill, please see InfoBytes, June 25, 2010 and http://1.usa.gov/cauwyr.

Fannie Mae Announces Seven-Year Waiting Period for Certain Defaulting Borrowers. On June 23, Fannie Mae announced that defaulting borrowers who had the capacity to pay off their mortgages or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a seven-year period. The period begins on the date of foreclosure, and the period may be shortened for certain borrowers who have extenuating circumstances. Fannie Mae also announced that, beginning next month, it will instruct servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments.

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