On Wednesday, the Legal League 100 [1] held a webinar titled “Bankruptcy and GSE Updates: 2018 Wrap Up and 2019 Outlooks,” focusing on the developments in bankruptcy and title practices. Presented by Keena Newmark, Managing Attorney of Bankruptcy Operations, Padgett Law Group [2] and Steven Kelly, Managing Attorney of Bankruptcy, Stern & Eisenberg [3], the webinar covered critical updates on GSE regulations and the latest shifts in foreclosure and bankruptcy practices.
Addressing the trends in 2018, Newmark spoke of developments within the F.R.B.P (Federal Rules of Bankruptcy Procedure) 3002.1 space. The webinar also discussed important aspects some of the most notable bankruptcy cases such as In re Dukes, Ritzen Group v. Jackson Masonry, In re Tribune Media Company and In re Vietre.
Touching upon GSE updates, Newmark spoke about FHFA prohibition of Fannie Mae and Freddie Mac from using VantageScore because of conflict of interest with the company’s backers. “The proposed rule would prohibit an Enterprise from approving any credit score model developed by a company that is related to a consumer data provider through any common ownership or control,” she said.
Kelly addressed the changes over the recent past in the leadership of the CFPB, FHFA, and Ginnie Mae. The webinar also discussed FHFA’s announcement to increase the 2019 maximum conforming loan limits. It also shed light on single security and common securitization platform—a joint initiative by Fannie Mae and Freddie Mac—under the direction of FHFA, to develop a single mortgage-backed security, that will be issued by the Enterprises to finance fixed-rate mortgage loans backed by one-to-four unit-single-family properties. The single security initiative will go live on June 3, 2019.
The Legal League 100 is a premier professional association of financial services law firms in the United States. With more than 100 member law firms spanning nearly 50 states and an organic, firm-driven leadership structure, the Legal League 100 is dedicated to driving progress in the mortgage servicing industry. The webinar served as a platform to explore the developments that financial services attorneys need to know right now and how they should be preparing for impending changes.
Click here for the webinar recording [4].