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Senate passes FJA bill

Orrick Herrington & Sutcliffe LLP
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USA
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August 6 2010

On August 4, the Senate passed H.R. 5981, a bill giving the FHA more flexibility to adjust its premiums for single-family housing mortgage insurance by allowing it to raise its annual premium from the current maximum of 0.55 to a maximum of 1.55

HUD proposal to strengthen lender indemnification

Orrick Herrington & Sutcliffe LLP
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USA
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October 18 2010

On October 8, HUD proposed regulations to strengthen its authority to force lenders to indemnify or reimburse the FHA for insurance claims paid on mortgages that do not meet the agency's guidelines

Senate passes financial reform bill

Orrick Herrington & Sutcliffe LLP
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USA
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July 16 2010

On July 15th, the Senate passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed by the House of Representatives on June 30th and which will likely be signed by the President next week

FDIC proposals on assessment changes

Orrick Herrington & Sutcliffe LLP
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USA
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November 12 2010

On November 9, the FDIC proposed two rules which amend the deposit insurance assessment regulations

Temporary unlimited coverage for non-interest-bearing transaction accounts

Orrick Herrington & Sutcliffe LLP
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USA
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November 12 2010

On November 9, the FDIC approved a final rule to implement Section 343 of the Dodd-Frank Act which provides temporary unlimited deposit insurance coverage for non-interest-bearing transaction accounts

Massachusetts Mutual sues Deutsche Bank over $125 million in RMBS

Orrick Herrington & Sutcliffe LLP
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USA
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February 22 2011

On February 16, 2011, Massachusetts Mutual Life Insurance Company filed a complaint in the Massachusetts federal District Court alleging that various Deutsche Bank entities and certain of their officers violated Massachusetts's blue sky laws by misrepresenting characteristics of the loans backing $125 million in RMBS sold to Massachusetts Mutual in 11 different offerings

Allstate sues JP Morgan, WaMu and Bear Stearns over sale of RMBS

Orrick Herrington & Sutcliffe LLP
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USA
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February 22 2011

On February 16, 2011, several Allstate Insurance entities filed a complaint against a number of JP Morgan, Washington Mutual and Bear Stearns entities and certain Washington Mutual directors and officers in the Southern District of New York

FCIC report on financial crisis

Orrick Herrington & Sutcliffe LLP
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USA
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January 31 2011

On January 27, the Financial Crisis Inquiry Commission issued a report on the causes of the financial and economic crisis, concluding that the financial crisis was avoidable and was due to: (i) widespread failures in financial regulation and supervision, (ii) failures of corporate governance and risk management at many systemically important financial institutions, (iii) a combination of excessive borrowing, risky investments, and lack of transparency, (iv) a lack of preparation by the government, (v) a systemic breakdown in accountability and ethics, (vi) lowered mortgage-lending standards, (vii) lack of oversight of over-the-counter derivatives, and (viii) failures of rating agencies