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Latest developments in the foreclosure documentation crisis

Alston & Bird LLP
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USA
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October 19 2010

Various developments have occurred this week relating to the heightened concern over defective foreclosure processes and the moratoriums on foreclosure proceedings instituted by certain financial services companies, including Bank of America and GMAC, a subsidiary of Ally Financial

Multiple state attorneys general initiate probe of foreclosure practices of Ally Financial

Alston & Bird LLP
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USA
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September 28 2010

Various state attorneys general have initiated probes of the foreclosure practices of Ally Financial Inc.’s GMAC mortgage unit after Ally announced last week that it had not instituted a moratorium on residential foreclosures in 23 states, but rather that it had suspended evictions and post-foreclosure closings in the 23 states while it conducted a review of defective foreclosure practices

Financial Crisis Inquiry Commission holds field hearing in Miami, Florida

Alston & Bird LLP
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USA
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September 21 2010

Today, the Financial Crisis Inquiry Commission (FCIC) held the third in a series of four field hearings, entitled "The Impact of the Financial Crisis - Miami, Florida" to examine the role and impact of mortgage fraud in Miami

SEC proposes new regulatory framework governing mutual fund distribution fees to replace Rule 12b-1

Alston & Bird LLP
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USA
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August 30 2010

On July 21, 2010, the Securities and Exchange Commission (SEC) voted unanimously to propose new rule and rule and form amendments under the Investment Company Act of 1940 (the "1940 Act"), the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"), each as amended, regarding the regulation of distribution fees paid by registered open-end management investment companies, or mutual funds (the "Proposal"

Obama administration hosts Conference on the Future of Housing Finance

Alston & Bird LLP
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USA
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August 18 2010

As previously announced, the Obama administration yesterday held a "Conference on the Future of Housing Finance" to receive input from a diverse group of experts, including citizen advocacy groups, economists, investors, market researchers, originators, securitizers, servicers, and private mortgage insurers, on critical issues surrounding housing finance reform

Federal banking agencies issue report to congressional committees on differences in accounting and capital standards

Alston & Bird LLP
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USA
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August 9 2010

Today, the federal banking agencies, including the OCC, Federal Reserve, FDIC and OTS issued their joint annual report to the House Financial Services Committee and the Senate Banking Committee describing the differences between the accounting and capital standards used by the agencies

SEC charges Citigroup and two executives in connection with misleading information regarding exposure to subprime assets

Alston & Bird LLP
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USA
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July 30 2010

Yesterday, the Securities and Exchange Commission ("SEC") charged Citigroup with misleading investors concerning the company's exposure to subprime mortgage-related assets

SEC proposes new rules regarding mutual fund distribution fees and adopts amendments to Form ADV for investment advisers

Alston & Bird LLP
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USA
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July 21 2010

Today, the Securities and Exchange Commission ("SEC") voted unanimously to propose a new rule and rule and form amendments under the Investment Company Act of 1940, the Securities Act of 1933 and the Securities Exchange Act of 1934, each as amended, regarding the regulation of distribution fees paid by registered open-end management investment companies, or mutual funds

NAFH National Bank acquires all the deposits of two institutions in Florida and one institution in South Carolina in second use of OCC “shelf charter”

Alston & Bird LLP
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USA
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July 19 2010

On Friday, the Florida Office of Financial regulation closed Metro Bank of Dade County, headquartered in Miami, Florida, and Turnberry Bank, headquartered in Aventura, Florida, and the OCC closed First National Bank of the South, headquartered in Spartanburg, South Carolina

Centerstate Bank of Florida, National Association assumes all of the deposits of Olde Cypress Community Bank

Alston & Bird LLP
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USA
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July 19 2010

On Friday, the Office of Thrift Supervision closed Olde Cypress Community Bank, headquartered in Clewiston, Florida, and appointed the FDIC as receiver for the bank

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