The Defense Forum on
Preparing for the Emerging Litigation and Enforcement Challenges of the New Requirements Under

HMDA

Tuesday, June 14, 2005

About

Are you prepared for the intense scrutiny that will follow the release of the new loan pricing data required under HMDA?

The financial world is holding its collective breath as the various stakeholders prepare for the release of the new loan pricing data for HMDA. As this data contains tremendously controversial information on loan pricing that will show whether variations in the cost of credit correlate with a borrower's race, sex, age, or geographic residency, lenders absolutely need to know what consequences the release of such data will bring. Knowing what they can do to protect themselves, how to preempt the impending flood of litigation, and having a clear knowledge of the federal and state regulatory and enforcement initiatives surrounding HMDA data is imperative.

This timely American Conference Institute publication will give consumer lenders and their outside counsel a comprehensive understanding of HMDA, the impact of the new data requirements, the potential claims, cutting-edge defense strategies, and the effects on the secondary market. The publication will lead you through critical issues, such as:

  • Current federal enforcement activities from the Federal Reserve, DOJ, OTS, OCC, FDIC and HUD
  • How plaintiffs are utilizing the new HMDA data to bring specific claims
  • The use of objective criteria as a means of defending HMDA data-related claims
  • Specific data consumer advocate groups are examining in preparation for enforcement actions
  • Monitoring and auditing sub-prime lenders and wholesale-targeted brokers and originators
  • Factors rating agencies are using to analyze loans in light of the HMDA data
  • Creating a first-rate control environment ensuring objective criteria is being utilized

Contents & Contributors

About

Are you prepared for the intense scrutiny that will follow the release of the new loan pricing data required under HMDA?

The financial world is holding its collective breath as the various stakeholders prepare for the release of the new loan pricing data for HMDA. As this data contains tremendously controversial information on loan pricing that will show whether variations in the cost of credit correlate with a borrower's race, sex, age, or geographic residency, lenders absolutely need to know what consequences the release of such data will bring. Knowing what they can do to protect themselves, how to preempt the impending flood of litigation, and having a clear knowledge of the federal and state regulatory and enforcement initiatives surrounding HMDA data is imperative.

This timely American Conference Institute publication will give consumer lenders and their outside counsel a comprehensive understanding of HMDA, the impact of the new data requirements, the potential claims, cutting-edge defense strategies, and the effects on the secondary market. The publication will lead you through critical issues, such as:

  • Current federal enforcement activities from the Federal Reserve, DOJ, OTS, OCC, FDIC and HUD
  • How plaintiffs are utilizing the new HMDA data to bring specific claims
  • The use of objective criteria as a means of defending HMDA data-related claims
  • Specific data consumer advocate groups are examining in preparation for enforcement actions
  • Monitoring and auditing sub-prime lenders and wholesale-targeted brokers and originators
  • Factors rating agencies are using to analyze loans in light of the HMDA data
  • Creating a first-rate control environment ensuring objective criteria is being utilized

Contents & Contributors


HMDA: REDLINING, UNDERWRITING, AND PRICING - HOW TO ADDRESS EMERGING RISKS
Paul Hancock, Hogan & Hartson, LLP

STATISTICAL ANALYSIS OF HMDA DATA FOR FAIR LENDING ASSESSMENT
Marsha J. Courchane, ERS Group

A BETTER VIEW FROM HERE - THE NEW HMDA
Keith Ernst, Center for Responsible Lending

FEDERAL LEGISLATIVE & ENFORCEMENT INITIATIVES ARISING FROM THE COLLECTION OF HMDA DATA
Robert E. Cook, Board of Governors of the Federal Reserve

FAIR LENDING IN THE STATES: EFFECTS OF HMDA DATA ON STATE ENFORCEMENTS AND LEGISLATION
Barbara Kent, New York State Banking Department

AVOIDING AND DEFENDING AGAINST CLAIMS OF DISCRIMINATION AND PREDATORY LENDING BASED ON HMDA DATA
Jeffrey McFadden, New Century Mortgage Corporation

AVOIDING AND DEFENDING AGAINST CLAIMS OF DISCRIMINATION AND PREDATORY LENDING BASED ON HMDA DATA
Andrew Sandler, Skadden, Arps, Slate, Meagher & Flom LLP

AVOIDING AND DEFENDING AGAINST CLAIMS OF DISCRIMINATION AND PREDATORY LENDING BASED ON HMDA DATA
Frank Hirsch, Nelson Mullins Riley & Scarborough LLP

MAPPING THE NEW CLASS ACTION FRONTIER: A PRIMER ON THE CLASS ACTION FAIRNESS ACT, AND AMENDED FEDERAL RULE 23
Anthony Rollo, McGlinchey Stafford LLP

FAIR LENDING DISPARITIES BY RACE, INCOME, AND GENDER IN ALL METROPOLITAN AREAS IN AMERICA
David Berenbaum, National Community Reinvestment Coalition

DAMAGES AND REMEDIES
Joseph T. Lynyak III, Reed Smith LLP

CONSUMER PERSPECTIVE ON THE HOME MORTGAGE DISCLOSURE ACT
Allen J. Fishbein, Consumer Federation of America

LIMITS OF THE HMDA DATA IN PROVING DISCRIMINATION
Jonathan Jerison, Buckley Kolar LLP

WHY LENDERS ARE NOT LIABLE FOR THE ACTS OF MORTGAGE BROKERS
Thomas M. Hefferon, Goodwin Procter LLP

NEW HOME MORTGAGE DISCLOSURE ACT PRICING DATA: THE NEXT ENFORCEMENT AND LITIGATION FRONT FOR LENDERS
Benjamin B. Klubes, Skadden, Arps, Slate, Meagher & Flom LLP

ESTABLISHING AND IMPLEMENTING AN INTERNAL HMDA COMPLIANCE PROGRAM
Jonathan Jerison, Buckley Kolar LLP

ESTABLISHING AND IMPLEMENTING AN INTERNAL HMDA COMPLIANCE PROGRAM
Jeffrey L. McFadden, New Century Mortgage Corporation

MANAGEMENT AND CONTROL OF BROKER RELATIONSHIPS
Jeffrey L. McFadden, New Century Mortgage Corporation



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