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Banking and
Financial Institutions Law Update
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Banking and
Financial Institutions Team Leaders
Jean
M. Weipert
Team Members
William G. Asimakis,
Jr.
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BEYOND THE "TARP"
THE FINANCIAL STABILITY PLAN
HOMEOWNER AFFORDABILITY AND
STABILITY PLAN
The Obama administration yesterday
announced new U.S. Treasury Department guidelines to
enable servicers to begin modifications of eligible mortgages under
the Administration's previously announced Homeowner Affordability and
Stability Plan. According to Treasury's press release, the
guidelines will implement financial incentives for mortgage lenders
to modify existing first mortgages and set standard industry practice
for modifications. In addition, the Treasury Department will
require all recipients of financial assistance from the
Administration's Financial Stability Plan going forward to
participate in foreclosure mitigation plans consistent with the
Treasury's guidelines.
Treasury has
also issued the following documents with respect to the Homeowner
Affordability and Stability Plan: A revised fact
sheet, a summary
of the guidelines and a counselor
Q&A. Please refer to these documents
for a more detailed description of the "Making Home
Affordable" program.
Clark
Hill will strive to keep you consistently updated and informed about
the Troubled Asset Relief Program, the Financial Stability Plan, the
Homeowner Affordability and Stability Plan and the government's
evolving response to the turmoil in our capital markets. Please
click
here to view our previously distributed newsletters.
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To find out
more about Clark Hill and our Banking and Financial Institutions
Law Group, visit clarkhill.com
or call 800.949.3124
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