InfoBytes, September 3, 2010 - Weekly In-depth review of news & developments in the financial services industry

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Topics In This Issue

• Federal Issues

• Courts

• Firm News

• Mortgages

• Consumer Finance

• Litigation

• Privacy/Data Security

Excerpt from "Federal Issues"

Fannie Mae Requires Pre-Filing Mediation for Florida Mortgage Loans. On August 31, Fannie Mae issued Announcement SVC-2010-13, which requires servicers to participate in pre-filing mediation for certain Florida mortgage loans, using an attorney from Fannie Mae’s Retained Attorney Network. Among other provisions, the new policy: (i) accelerates the timeline for referral to retained attorneys following delinquency, (ii) requires servicers to refer delinquent mortgages to retained attorneys for mediation before initiation of foreclosure proceedings, (iii) requires servicers to cooperate in and attend mediation proceedings, (iv) caps mediation and attorneys’ fees, (v) provides for $3,000 incentive payments to borrowers who complete short sales or deeds-in-lieu of foreclosure as a result of mediation, and (vi) reserves Fannie Mae’s right to assess compensatory fees on servicers for delays or failure to comply with the policy. The new policy will be implemented by January 1, 2011, but servicers must designate and send liaison team information, and retained attorneys must begin newly referred screening loans for mediation by September 15, 2010.

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