InfoBytes, October 22, 2010 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Mortgages

• Banking

• Consumer Finance

• Securities

• Litigation

• Credit Cards

Excerpt from "Federal Issues"

Federal Agencies Meet as Part of Coordinated Investigation Into Foreclosure Crisis. On October 20 representatives of 11 federal agencies and entities met at the White House to coordinate a burgeoning federal investigation into all aspects of the foreclosure crisis, including whether those responsible for submitting flawed court documents violated federal criminal laws. In an interview with Bloomberg after the meeting, the Secretary of Housing and Urban Development, Shaun Donovan, said that the federal agencies are coordinating with state Attorneys General and that "there are questions, criminal questions, about behavior and willful fraud." Secretary Donovan also stated that the criminal issues are only part of a broader inquiry and that, while there is no evidence to date of "systemic problems" associated with the foreclosure filings, there are "significant concerns that particular institutions have not followed requirements" to make efforts to keep homeowners in their homes. See "Firm News" below for related RMA audio conference, "Mortgage Foreclosure Crisis: Preparing for the Worst" which will focus on criminal risks arising from the mortgage foreclosure crisis.

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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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