InfoBytes, June 11, 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

• Mortgages

• Banking

• Consumer Finance

• Securities

• Insurance

• Litigation

• Privacy/Data Security

• Credit Cards

Excerpt from "Federal Issues"

House Approves FHA Reforms. On June 10, the U.S. House of Representatives passed H.R. 5072, the “FHA Reform Act of 2010,” by a vote of 406 to 4. The bill would amend the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to increase the maximum annual premium payments for mortgage insurance from the current 0.55% cap to 1.55%. The bill contains a number of provisions to improve the financial soundness of the Federal Housing Administration (FHA) and specifically includes provisions that would give the HUD Secretary heightened authority to terminate mortgagee approval and mandates the indemnification of mortgage loans that are either not originated or underwritten in accordance with HUD’s requirements or that involve fraud or misrepresentation. The House rejected amendments to the bill that would have (i) raised the FHA down payment requirement from 3.5% to 5%, (ii) capped FHA market share at 10% of total loans originated in the U.S. per year, and (iii) created a maximum loan limit of $500,000 for single family units.

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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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