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Latest developments in the foreclosure documentation crisis

USA - 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

Global - 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

Global - 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

USA - 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

European Union - 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.