News & Analysis as of

Financial Institutions Reform Recovery Enforcement Act

Weiner Brodsky Kider PC

Bank Settles with DOJ for Alleged RMBS Misrepresentations

by Weiner Brodsky Kider PC on

A large national bank recently agreed to pay more than $2 billion to settle FIRREA claims arising out of a DOJ investigation into alleged misrepresentations made by the bank to investors about the quality of mortgage loans in...more

Ballard Spahr LLP

Treasury Recommends Sweeping Industry Changes for Mortgage Lenders and Servicers

by Ballard Spahr LLP on

As covered earlier this week in a legal alert, the U.S. Department of the Treasury issued a report recommending sweeping regulatory changes for consumer financial services. Within the report, the Treasury also recommended a...more

Ballard Spahr LLP

Senate Passes Banking Bill Providing Dodd-Frank Relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

Alston & Bird

What Can Be Expected in Structured Finance and Securitization for 2018?

by Alston & Bird on

A continuation of the market trends from last year can be expected in 2018. Structured finance and securitization markets had a period of relative calm in 2017 as new regulations were incorporated into transactions. While no...more

Goodwin

DOJ Investigates FHA Loans Issued by Florida-Based Mortgage Subsidiary

by Goodwin on

On January 25, 2018, a Florida-based homebuilder filed its Form 10-K annual report with the Securities and Exchange Commission (SEC), disclosing that its “mortgage subsidiary has been subpoenaed by the United States...more

Weiner Brodsky Kider PC

DOJ Announces False Claims Act Recoveries for 2017

by Weiner Brodsky Kider PC on

The Department of Justice (DOJ) recently announced recoveries of more than $3.7 billion from False Claims Act case settlements and judgments for the fiscal year ending September 30, 2017. Over $543 million of this amount was...more

Jones Day

U.S. Congress Introduces Legislation to Change Foreign Direct Investment Review

by Jones Day on

Congress recently introduced two pieces of legislation that could significantly change foreign direct investment review in the United States. The Foreign Investment Risk Review Modernization Act of 2017 ("FIRRMA") seeks to...more

Bradley Arant Boult Cummings LLP

Would the 7th Circuit Have Changed Its FCA Standard but for Peer Pressure?

The Seventh Circuit finally abandoned its “but-for” causation standard for False Claims Act (FCA) damages. The decision comes 25 years after the Seventh Circuit first adopted its controversial standard requiring only a...more

Robins Kaplan LLP

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Samsung, beset by top-level resignations and a mess of bribery allegations reaching the former South Korean President and the crown prince of the family’s chaebol, has announced a new slate of execs “In an effort to bring...more

Fox Rothschild LLP

Agencies Issue Temporary Exceptions To Appraisal Requirements In Hurricane Areas

by Fox Rothschild LLP on

The Federal Reserve Board has issued a statement providing for temporary exception to appraisal requirements in hurricane areas affected by severe storms and flooding related to Hurricanes Harvey, Irma, and Maria....more

Alston & Bird

Appraisal Subcommittee Finalizes Rule for Appraisal Management Company National Registry Fees

by Alston & Bird on

The Appraisal Subcommittee of the Federal Financial Institutions Examination Council (ASC) issued its anticipated final rule providing for collection and transmission of the appraisal management company (AMC) annual national...more

Robins Kaplan LLP

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Goldman’s deal-making advising is sputtering a bit these days, so Lloyd and the gang are working on generating some of those deals themselves through a new Innovations Lab internal venture....more

Bradley Arant Boult Cummings LLP

Jury Verdict Expands to $298 Million in False Claims Act/FIRREA Case as Court Assesses Treble Damages and Penalties

A federal court in Texas recently entered a massive judgment against a mortgage originator for financial crisis conduct, transforming an already severe $93 million jury verdict into a $298 million punishment, and issuing one...more

Goodwin

Court Awards Nearly $280 Million in Treble Damages Against Former FHA Lender

by Goodwin on

On September 14, 2017, the U.S. District Court for the Southern District of Texas issued an opinion and order against two former mortgage companies and their former president and CEO. The order, which followed a previous jury...more

Manatt, Phelps & Phillips, LLP

Regulators Seek Comment on Proposed Jump in Appraisal Threshold

The federal banking regulators proposed an increase in the threshold for commercial real estate transactions requiring an appraisal from the current $250,000 to $400,000, a move the agencies said was in response to “concerns...more

Goodwin

US Attorney Announces Settlement with Florida Condominium Complex Over Alleged FHA Reverse Mortgage Fraud

by Goodwin on

On July 20, 2017, acting United States Attorney Stephen Muldrow announced a civil settlement with the owner of a Florida condominium complex over fraudulent reverse mortgage transactions. Defendant had been accused of...more

White & Case LLP

Valuations in European Real Estate Finance – regulatory compliance in a global environment

by White & Case LLP on

In light of the recent ECB guidance on non-performing loans, and in particular the valuation requirements to be adhered to by banks in valuing real estate loans, what are the implications for banks with a global presence? In...more

Nutter McClennen & Fish LLP

Nutter Bank Report, June 2017

by Nutter McClennen & Fish LLP on

Supreme Court: Bank That Buys Debt for Its Own Account Is Not Debt Collector - The U.S. Supreme Court recently held that a bank that collects on debts it has bought and holds “for its own account” is not a debt collector...more

Ballard Spahr LLP

Financial institution agencies provide guidance to help alleviate appraiser shortage

by Ballard Spahr LLP on

The federal banking agencies together with the National Credit Union Administration (the “Agencies”) issued an Interagency Advisory on the Availability of Appraisers that is intended to help address the real estate appraiser...more

Bryan Cave Leighton Paisner

If the Shoe Fits, Wear It – Bank Third Party Vendors as Institution-Affiliated Parties

by Bryan Cave Leighton Paisner on

When negotiating bank third party vendor contracts it is not unusual to ask the vendor to acknowledge in the contract that bank regulators might exercise some sort of supervision over the vendor. Vendors will oftentimes push...more

Goodwin

Financial Services Weekly News - May 2017 #4

by Goodwin on

Editor's Note - Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more

Goodwin

Reverse Mortgage Servicer to Pay $89 Million to Resolve False Claims Act and FIRREA Claims

by Goodwin on

On May 16, 2017, the U.S. Department of Justice (“DOJ”) announced that it had reached a settlement with a company engaged in reverse mortgage servicing, in connection with the company’s participation in the Department of...more

Davis Wright Tremaine LLP

A “Bad Apples” Database for Banks? Not So Fast.

by Davis Wright Tremaine LLP on

Should banks, while guarding against rolling episodes of misconduct by bankers, have the ability to blackball employees from the banking industry? A “bad apples” database of bank employees who have acted improperly in prior...more

Bryan Cave Leighton Paisner

Analysis of FDIC v. Loudermilk Decision

by Bryan Cave Leighton Paisner on

The FDIC’s lawsuit against former directors and officers of the failed Buckhead Community Bank, one of the most closely watched Georgia corporate governance cases in years, went to trial in October, 2016. The jury returned a...more

Burr & Forman

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

by Burr & Forman on

After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

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JD Supra Privacy Policy

Updated: May 25, 2018:

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Links to Other Websites

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Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

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You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

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California Privacy Rights

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You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

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Access/Correct/Update/Delete Personal Information

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Changes in Our Privacy Policy

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Contacting JD Supra

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How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

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Controlling and Deleting Cookies

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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