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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

Basel Committee on Banking Supervision issues final paper on good practice principles on supervisory colleges

Alston & Bird LLP
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Global
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October 12 2010

Today, the Basel Committee on Banking Supervision issued a set of principles aimed at promoting and strengthening the operation of supervisory colleges, set forth in the final version of its paper entitled "Good Practice Principles on Supervisory Colleges."

World Bank Group and International Monetary Fund to hold Annual Meetings in Washington, D.C. over weekend

Alston & Bird LLP
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Global
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October 5 2010

The Boards of Governors of the World Bank Group and the International Monetary Fund (IMF) will be holding their Annual Meeting this upcoming weekend in Washington, DC

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

European Parliament approves financial supervision reform package

Alston & Bird LLP
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European Union
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September 23 2010

Yesterday, the European Commission voted to approve the financial supervision reform package, which will shift the manner in which banks, stock markets and insurance companies are supervised and policed in Europe

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

FSA publishes discussion paper on fundamental changes to trading activity regulation

Alston & Bird LLP
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United Kingdom
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August 25 2010

Today, the U.K. Financial Services Authority (FSA) published a discussion paper entitled “The prudential regime for trading activities - a fundamental review” that considers fundamental changes to the regulation of trading activities

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

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