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Predatory Lending Update: Breaking News on the Federal, State and Local Fronts & How It Impacts You

Conference Date: April 20, 2006

Learn how to safeguard your company from predatory lending accusations. Our expert panel includes three top mortgage attorneys as well as the Iowa state attorney general who negotiated this year’s $325 million Ameriquest settlement. Attendees at this April event had the highest praise for this program.

This report holds the transcript plus value-added relevant articles from IMF publications. The program: Iowa State AG Thomas Miller on the Ameriquest settlement and what the country’s state AGs are now looking at in terms of predatory lending enforcement; Larry Platt, Partner at Kirkpatrick & Lockhart Nicholson Graham, discusses what recent settlements mean for other lenders and an update on banking regulators and fair lending issues; Leonard Bernstein, Partner at Reed Smith LLP, offers an expert perspective of NJ and PA predatory lending statutes, examples of litigation and the most recent ordinances; Jeffrey Naimon, Partner at Buckley Kolar LLP, addresses investor liability for lender actions, lender liability for broker actions and what you can do to protect yourself.

This event covered:

• What you can do to protect yourself from state predatory lending laws, with examples of actual litigation.
• Details about the Ameriquest settlement, the lessons you can learn and what to do when regulators show up.
• News on the “model” predatory lending law pending in Montgomery County as well as other local crackdowns.
• Private litigation and class action threats, including a review of some of the common cases being brought.
• What federal regulators are doing to investigate.
• How you can adjust pricing, product mix, underwriting standards, etc. to protect yourself.
• What lenders can do to ensure brokers are in compliance.
• Whether or not you can run subprime and prime lending out of the same firm.
• Latest developments, or lack thereof, on federal predatory lending legislation.
• Why the entire lending industry should fight suitability and net tangible benefit requirements.
• Vicarious liability: investors’ and lenders’ liability.
• And much more.