InfoBytes, October 7, 2011 - A Weekly In-depth review of news & developments in the financial services industry


In This Issue:

• Federal Issues

• State Issues

• Courts

• Miscellany

• Firm News

• Mortgages

• Litigation

• Criminal Enforcement Action

Excerpt of State Issues:

Massachusetts Passes Regulation for Reverse Mortgages. On October 14, a new Massachusetts regulation establishing requirements for reverse mortgage programs will become effective. Under the regulation, a mortgage servicer can give a reverse mortgage loan to only someone who has affirmatively opted in after receiving counseling from an approved third party. Additionally, any mortgagee (including federal lenders) that wants to offer reverse mortgage loans in Massachusetts must be approved by the Commissioner of Banks. The regulation includes a copy of the required Opt in Form.

Please see full newsletter 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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