Sixth National
Avoiding Exposure to Regulatory and Civil Actions for

Predatory Lending

Regulatory Updates * Industry Best Practices * Navigating Pitfalls in the Secondary Market

Monday, March 29, 2004

About

Do you have the up-to-date information you need to successfully navigate the volatile landscape of consumer lending regulation?

State and local legislation, preemption initiatives, assignee liability... keeping up with the latest events regarding anti-predatory lending regulation is a formidable challenge. The flood of regulation from federal agencies, state legislatures and municipal bodies continues, with the stakes of not being in compliance - government investigations, class actions and negative publicity - greater than ever.

In addition to the overlapping and onerous regulations, the recent Fairbanks settlement has lenders and others involved in mortgage lending reevaluating their best practices in servicing. Moreover, new policies from Fannie Mae, Freddie Mac and the ratings agencies have led to loans disallowed in rated transactions and situations where potential sellers cannot find a buyer. Further complicating matters for the mortgage industry, the latest revisions to HMDA's implementing regulation add a new layer of reporting and disclosure requirements. Now more than ever, ensuring compliance with the full complement of directives is an onerous task.

To make your job easier, the American Conference Institute has carefully revised and updated the Sixth National Conference Publication on Predatory Lending to cover the latest developments of most importance to you now. The publication brought together key regulators from the Federal Reserve Board, Department of Justice, Office of Thrift Supervision and the Department of Housing and Urban Development, state regulators from Georgia, New York and South Carolina, and industry representatives from Ameriquest, Central Pacific Mortgage, Fannie Mae, Irwin Home Equity, Mortgage Lenders Network USA, New Century Financial, Option One Mortgage and Standard & Poor's. They provided expert insight on:

  • The latest information on the status of federal preemption
  • The impact of state and local regulation and enforcement initiatives on the non-prime market
  • How to minimize exposure to liability in the secondary market
  • What consumer advocates really want
  • Best origination and servicing practices from leading lenders

Contents & Contributors

About

Do you have the up-to-date information you need to successfully navigate the volatile landscape of consumer lending regulation?

State and local legislation, preemption initiatives, assignee liability... keeping up with the latest events regarding anti-predatory lending regulation is a formidable challenge. The flood of regulation from federal agencies, state legislatures and municipal bodies continues, with the stakes of not being in compliance - government investigations, class actions and negative publicity - greater than ever.

In addition to the overlapping and onerous regulations, the recent Fairbanks settlement has lenders and others involved in mortgage lending reevaluating their best practices in servicing. Moreover, new policies from Fannie Mae, Freddie Mac and the ratings agencies have led to loans disallowed in rated transactions and situations where potential sellers cannot find a buyer. Further complicating matters for the mortgage industry, the latest revisions to HMDA's implementing regulation add a new layer of reporting and disclosure requirements. Now more than ever, ensuring compliance with the full complement of directives is an onerous task.

To make your job easier, the American Conference Institute has carefully revised and updated the Sixth National Conference Publication on Predatory Lending to cover the latest developments of most importance to you now. The publication brought together key regulators from the Federal Reserve Board, Department of Justice, Office of Thrift Supervision and the Department of Housing and Urban Development, state regulators from Georgia, New York and South Carolina, and industry representatives from Ameriquest, Central Pacific Mortgage, Fannie Mae, Irwin Home Equity, Mortgage Lenders Network USA, New Century Financial, Option One Mortgage and Standard & Poor's. They provided expert insight on:

  • The latest information on the status of federal preemption
  • The impact of state and local regulation and enforcement initiatives on the non-prime market
  • How to minimize exposure to liability in the secondary market
  • What consumer advocates really want
  • Best origination and servicing practices from leading lenders

Contents & Contributors

SUBPRIME LENDING: "THE GOOD, THE BAD AND THE UGLY"
Robert E. Cook, Federal Reserve Board

THE STATUS OF FEDERAL PREEMPTION OF STATE AND LOCAL PREDATORY LENDING INITIATIVES
Donald C. Lampe, Womble Carlyle Sandridge & Rice PLLC

2003 PREDATORY LENDING DEVELOPMENTS
Therese G. Franzen, Franzen & Salzano, P.C.
Leslie M. Howell, Franzen & Salzano, P.C.

STATE REGULATOR ROUNDUP
Leslie A. Bechtel, Georgia Department of Banking and Finance

STATE REGULATOR ROUNDUP SOUTH CAROLINA
Charles Knight, South Carolina Department of Consumer Affairs

NATIONAL RESPONSIBLE LENDING COLLOQUY & BEST PRACTICES CAMPAIGN
David Berenbaum, National Community Reinvestment Coalition

CONSUMER ADVOCATES VS. NON-PRIME LENDERS: IS THERE COMMON GROUND?
Kenneth Zimmerman, New Jersey Institute for Social Justice

AVOIDING ASSIGNEE LIABILITY FOR NON-PRIME LOANS
Steven Kaplan, Kirkpatrick & Lockhart LLP

PREDATORY LENDING AND THE SECONDARY MARKET: AN ORIGINATOR'S PERSPECTIVE
Ralph Flick, NC Capital Corporation

EVALUATING ANTI-PREDATORY LENDING LAWS: S&P'S APPROACH
M. Scott Mason, Standard & Poor's

TANGIBLE NET BENEFIT: MAKING THE ABSTRACT CONCRETE
Andrea Lee Negroni, Goodwin Procter LLP

WHAT "BENEFITS THE BORROWER? HOW TO DEFINE THE UNDEFINED
Lisa Rice, Fair Housing Center

IMPLEMENTING ENTERPRISE WIDE COMPLIANCE SOLUTIONS: AN IN-HOUSE PERSPECTIVE
Jeffrey A. DeMaso, Mortgage Lenders Network USA, Inc.

IMPLEMENTING ENTERPRISE WIDE COMPLIANCE SOLUTIONS
Andrew L. Sandler, Skadden, Arps, Meagher & Flom LLP

LOAN SERVICING BEST PRACTICES
William Rinehart, Ocwen Financial Corporation

PRACTICAL STRATEGIES TO MANAGE THE REGULATION PATCHWORK
Jeffrey L. McFadden, New Century Mortgage Corporation

ACI SUBPRIME WORKSHOP REGULATION C AND FAIR LENDING
Donald C. Lampe, Womble Carlyle Sandridge & Rice
Joseph T. Lynyak III, ReedSmith LLP



DOCUMENT TYPES: PRESENTATIONS AVAILABLE: 0