Linda Ann Bartosch

On August 28, 2013, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Housing and Urban Development, Federal Housing Finance Agency, and Securities and Exchange Commission (the “Regulators”) issued a second notice of proposed rulemaking to implement the credit risk retention requirements in Section 941 of the Dodd-Frank Act. The re-proposal replaces the first notice of proposed rulemaking issued… Show more

On August 28, 2013, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Housing and Urban Development, Federal Housing Finance Agency, and Securities and Exchange Commission (the “Regulators”) issued a second notice of proposed rulemaking to implement the credit risk retention requirements in Section 941 of the Dodd-Frank Act. The re-proposal replaces the first notice of proposed rulemaking issued by the Regulators in 2011. The Dodd-Frank Act generally mandates that a securitizer retain at least 5% of the credit risk for the assets that are packaged in an asset-backed security issued by the securitizer, and requires the Regulators to draft rules to implement the requirement. Here are some highlights of the re-proposal. Show less

Senators Bob Corker (R-TN) and Mark Warner (D-VA) have introduced a bi-partisan bill to reform the U.S. housing finance market.1 Entitled the “Housing Finance Reform and Taxpayer Protection Act of 2013” (the “Reform Bill” or the “Bill”),2 it would replace Fannie Mae and Freddie Mac, the two government-sponsored enterprises (“GSEs”) that currently dominate the U.S. housing financing market, with a new independent government agency. This agency, the Federal Mortgage Insurance Corporation… Show more

Senators Bob Corker (R-TN) and Mark Warner (D-VA) have introduced a bi-partisan bill to reform the U.S. housing finance market.1 Entitled the “Housing Finance Reform and Taxpayer Protection Act of 2013” (the “Reform Bill” or the “Bill”),2 it would replace Fannie Mae and Freddie Mac, the two government-sponsored enterprises (“GSEs”) that currently dominate the U.S. housing financing market, with a new independent government agency. This agency, the Federal Mortgage Insurance Corporation (“FMIC”), would operate a Mortgage Insurance Fund (“MIF”) charged with providing a limited government-backed guarantee of qualifying privately issued residential mortgage-backed securitizations (“RMBS”). Show less

A number of industry groups raised concerns recently when Mortgage Resolution Partners (MRP) entered into contracts with two additional municipalities to formalize the use of eminent domain programs to seize or restructure underwater residential mortgages, which are often part of securitization trusts. In response to these actions, the industry groups sent joint letters to these municipalities outlining their concerns.

A number of industry groups1 (the “Industry Groups”) raised concerns recently when Mortgage Resolution Partners (“MRP”) entered into contracts with two additional municipalities to formalize the use of eminent domain programs to seize or restructure underwater residential mortgages, which are often part of securitization trusts. In response to these actions, the Industry Groups sent joint letters to these municipalities outlining their concerns.

The U.S. Consumer Financial Protection Bureau (the “Bureau”) has released a proposal (the “Proposal”) to amend the Bureau’s recently issued final rules (the “Rules”) on the definition of a qualified mortgage (“QM”) and the establishment of ability-to-repay requirements (“ATR”). See our DechertOnPoint, U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay, for a more in depth discussion of the Rules. The Proposal aims to preserve access to credit for… Show more

The U.S. Consumer Financial Protection Bureau (the “Bureau”) has released a proposal (the “Proposal”) to amend the Bureau’s recently issued final rules (the “Rules”) on the definition of a qualified mortgage (“QM”) and the establishment of ability-to-repay requirements (“ATR”). See our DechertOnPoint, U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay, for a more in depth discussion of the Rules. The Proposal aims to preserve access to credit for certain categories of consumers who may otherwise be adversely affected by the Rules. The Bureau is seeking public comments on the Proposal, which must be received by February 25, 2013. A discussion of the key aspects of the Proposal follows. Show less

Recently the Staff of the Division of Trading and Markets (the “Staff”) of the U.S. Securities and Exchange Commission (the “Commission”) published a report to Congress outlining the findings from the study the Commission was required to conduct by Section 939F of the Dodd-Frank Act (the “Report”).1 The Commission was directed to deliver a report not later than 24 months after the date of enactment of Dodd-Frank containing the findings of a study on, among other things, matters related to (1)… Show more

Recently the Staff of the Division of Trading and Markets (the “Staff”) of the U.S. Securities and Exchange Commission (the “Commission”) published a report to Congress outlining the findings from the study the Commission was required to conduct by Section 939F of the Dodd-Frank Act (the “Report”).1 The Commission was directed to deliver a report not later than 24 months after the date of enactment of Dodd-Frank containing the findings of a study on, among other things, matters related to (1) assigning credit ratings for structured finance products and (2) any recommendations for regulatory or statutory changes that the Commission determines should be made to implement the findings of the study. Show less

Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans made to them. In response to a directive from Congress, the Consumer Financial Protection Bureau (the “Bureau”) has issued its much anticipated Ability-to-Repay (“ATR”) Rule and Qualified Mortgage (“QM”) Rule (the “Rules”), which will go into effect on January 14, 2014. The following is a brief… Show more

Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans made to them. In response to a directive from Congress, the Consumer Financial Protection Bureau (the “Bureau”) has issued its much anticipated Ability-to-Repay (“ATR”) Rule and Qualified Mortgage (“QM”) Rule (the “Rules”), which will go into effect on January 14, 2014. The following is a brief overview of the new Rules. Show less

This 2011 comment explores the privacy issues created by a program run by the Orange County, CA District Attorney's office that offers a plea-bargain to anyone arrested on a misdemeanor charge. The plea-bargain allows those arrested provide a sample of their DNA and to pay a fee, and in exchange the misdemeanor charges against them will be dropped.

Contributor to CrunchedCredit, a Dechert blog that offers legal commentary on the commercial real estate debt market.