ALI-ABA Course of Study The Subprime Mortgage Crisis: From A to Z September 18-19, 2008 Washington, D.C. PROGRAM FACULTY PARTICIPANTS

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1 ALI-ABA Course of Study The Subprime Mortgage Crisis: From A to Z September 18-19, 2008 Washington, D.C. PROGRAM FACULTY PARTICIPANTS TABLE OF CONTENTS Page ix xi STUDY MATERIALS 1. Prepared Statement of the Federal Trade Commission on Improving Consumer Protections in Subprime Lending Submitted by Peggy Twohig 2. Consumers Clog Courts with Codified Care Claims By Laurence E. Platt, R. Bruce Allensworth, Phoebe S. Winder, Andrew C. Glass, and David D. Christensen 3. Federal Preemption and State Attempts to Address the Subprime Mortgage Crisis By L. Richard Fischer 4. Viewpoint: Agencies Can't Deny Subprime Culpability By Arthur E. Wilmarth, Jr. 5. Viewpoint: Conglomerate Problem's Too Big to Ignore By Arthur E. Wilmarth, Jr. and Cynthia C. Lichtenstein 6. Viewpoint: Shore Up Conglomerates with Fed Oversight By Arthur E. Wilmarth, Jr : Looking Back at What's Ahead By Jeffrey S. Nielsen 8. First Quarter 2008 Update: Reaching New Heights By Jeffrey S. Nielsen 9. Class Action Complaint Seeking Damages and Equitable Relief Submitted by Gary Klein 10. First Amended Complaint for: 1. Violations of the Equal Credit Opportunity Act and 2. Violations of the Fair Housing Act Submitted by Gary Klein 11. Plaintiffs' Memorandum in Opposition to Defendants' Motion to Dismiss Submitted by Gary Klein 12. Order Denying Motion to Dismiss Submitted by Gary Klein 13. Sub-Prime Litigation Update: Class Actions and Shareholder Derivative Lawsuits Brought by Shareholders By Larry P. Ellsworth vii

2 14. Insurance Coverage and the Subprime Crisis: A Broad Overview By Matthew L. Jacobs, Lorelie S. Masters, and Daniel I. Weiner 15. Ratings Agencies: A New Front in Subprime Litigation Submitted by Larry P. Ellsworth 16. Complaint for Declaratory and Injunctive Relief and Damages re: Mayor and City Council of Baltimore Submitted by Bradley H. Blower 17. Complaint re: City of Cleveland Submitted by Bradley H. Blower 18. Residential Mortgage Foreclosure Diversion Pilot Program - Philadelphia Submitted by Irv Ackelsberg 19. Subprime Spillover - Credit Cards, the Fed, and the Use of UDAP By Henry Moncure III 20. Municipal Lawsuits Against Lenders: Baltimore v. Wells Fargo (Handout) By Mr. Bradley H. Blower 21. An Overview of the Subprime Litigation Avalanche (Handout) By Mr. Jeffrey S. Nielsen 22. Litigation Update (with cartoons) supplemental material By Mr. Larry P. Ellsworth 23. Cordell-Housing Bubble of supplemental material By Dr. Lawrence R. Cordell 24. Fischer-Selected Preemption Issues-supplemental material-supplemental material By L. Richard Fischer 25. Frazer-Government Stabilization of Fannie Mae and Freddie Mac-supplemental material By James A. Frazer 26. U.S. Treasury Department Releases on Fannie Mae and Freddie Mac-supplemental material Submitted by James A. Frazer 27. Blower-Municipal Lawsuits Against Lenders: Baltimore v.wells Fargo-supplemental material By Mr. Bradley H. Blower 28. Nielsen-An Overview of The Subprime Litigation Avalanche-supplemental material By Mr. Jeffrey S. Nielsen viii

3 PROGRAM Thursday, September 18, :00 a.m. Registration and Continental Breakfast WEBCAST SEGMENT A 9:00 a.m. Causes of Subprime Mortgage Crisis Mr. Bostrom and Dr. Cordell How did we get here? Who contributed to getting us here? How much further do we have to go to turn the corner on this crisis? What are we doing to move beyond the crisis and what more do we need to do? 9:45 a.m. Federal and State Legislative Developments Mr. Lavender and Ms. Raskin A look at the proposed federal legislation to address the current mortgage crisis and to prevent reoccurrences State legislative reactions to the subprime crisis 11:00 a.m. Networking Break 11:15 a.m. Response to the Crisis by Federal Regulatory Agencies -- Messrs. Flynn and Roy and Mss. Ryan and Twohig The Fed s Truth in Lending Act (TILA)/Home Ownership and Equity Protection Act (HOEPA) changes New higher-priced mortgage loans and their new restrictions Regulation of brokers via lenders; HOEPA penalties for non-hoepa violations New advertising rules HUD s new Real Estate Settlements Procedure Act (RESPA) renovation An attempt to put good faith back in the good faith estimate Striking a bargain early in the process New forms and new rules Overlapping TILA/RESPA early disclosures FTC and unfair and deceptive practices in the mortgage arena The FTC s announcement that it is addressing potentially unfair and deceptive practices by lenders and servicers A look at past FTC actions against mortgage lenders and brokers The SEC and the role of the market regulator in addressing the subprime crisis 12:30 p.m. Lunch Break WEBCAST SEGMENT B 2:00 p.m. Best Practices What Practices are Brokers, Lenders, Servicers, and the Secondary Market Adopting? -- Messrs. Lackey and Platt How are brokers addressing new duties to the applicant? Mitigation strategies Foreclosure and rental agreements Servicers the new housing counselors? 3:00 p.m. Best Practices Regarding Mortgage Service Providers? Mr. Barry-Smith and Ms. Johnson Office of Federal Housing Enterprise Oversight (OFHEO)/Freddie/Fannie appraisal requirements accord with the New York AG Other state attorney general investigations and lawsuits Industry reactions and evolving lender s assessment of repayment ability and ix

4 assurance that products make sense for the customer 3:45 p.m. Networking Break 4:00 p.m. Federal Preemption and State Attempts to Address the Crisis Messrs. Fischer and Garner and Professor Wilmarth The federal charter and limits to state powers Types of state laws and applicable federal preemption 5:00 p.m. Adjournment for the Day Friday, September 19, :30 a.m. Continental Breakfast WEBCAST SEGMENT C 8:00 a.m. An Overview of the Subprime Litigation Avalanche Mr. Neilson 8:45 a.m. Class Actions and Other Lawsuits Brought by Borrowers Messrs. Hefferon and Klein Lawsuits against brokers, lenders, servicers, and appraisers 9:45 a.m. Networking Break 10:00 a.m. Defenses and Counterclaims to Foreclosure Actions Messrs. Bryce and Rheingold 11:00 a.m. Class Actions and Shareholder Derivative Lawsuits Brought by Investors Messrs. Ellsworth and Lebovitch Lawsuits against lenders, servicers, purchasers, and investment banking firms Can the ratings agencies be held responsible for injury to communities? 12:00 noon Lunch Break WEBCAST SEGMENT D 1:30 p.m. Lawsuits Filed by Cities of Cleveland and Baltimore Against Mortgage Originators Messrs. Blower and Brooks Who are the targets? What are the theories? What might these suits mean for private litigants? 2:30 p.m. Networking Break 2:45 p.m. The Philadelphia Foreclosure Plan One City s Blueprint to Address the Problem with Escalating Foreclosures Mr. Ackelsberg 3:15 p.m. Subprime Mortgage Spillover Messrs. Hudson and Moncure Credit cards and the Federal Reserve Board s unfair and deceptive trade practices proposal Auto finance the next domain to fall? 4:00 p.m. Adjournment x

5 ALI-ABA Course of Study The Subprime Mortgage Crisis: From A to Z September 18-19, 2008 Washington, DC PLANNING CHAIRS Robert A. Cook, Esquire Hudson Cook, LLP Suite Parkway Drive Hanover, MD Alan S. Kaplinsky, Esquire Ballard Spahr Andrews & Ingersoll, LLP Suite Market Street Philadelphia, PA FACULTY Irv Ackelsberg, Esquire Langer, Grogan & Diver P.C. Suite Arch Street Philadelphia, PA Christopher Barry-Smith, Esquire Assistant Attorney General, Consumer Protection Division Office of the Massachusetts Attorney General One Ashburton Place Boston, MA Bradley H. Blower, Esquire Relman & Dane PLLC Suite Nineteenth Street, NW Washington, DC Robert E. Bostrom, Esquire Executive Vice President, General Counsel and Corporate Secretary Freddie Mac 8200 Jones Beach Drive McLean, VA Brian Brooks, Esquire O'Melveny & Myers LLP 1625 I Street, NW Washington, DC Martin C. Bryce, Jr., Esquire Ballard Spahr Andrews & Ingersoll, LLP Suite Market Street Philadelphia, PA Lawrence R. Cordell, Ph.D. Special Advisor, Retail Risk Unit Federal Reserve Bank of Philadelphia Ten Independence Mall Philadelphia, PA Larry P. Ellsworth, Esquire Jenner & Block LLP Suite New York Avenue, NW Washington, DC L. Richard Fischer, Esquire Morrison & Foerster LLP Suite Pennsylvania Avenue, NW Washington, DC xi

6 Michael C. Flynn, Esquire General Deputy General Counsel U.S. Department of Housing and Urban Development Suite th Street, SW Washington, DC James R. Garner, Esquire General Counsel for Consumer Banking North America Citigroup, Inc. 153 E. 53rd Street New York, NY Thomas M. Hefferon, Esquire Goodwin Procter LLP 901 New York Avenue, NW Washington, DC Thomas B. Hudson, Esquire Hudson Cook, LLP Suite Parkway Drive Hanover, MD Ms. Susan E. Johnson Executive Director Real Estate Services Providers Council, Inc. (RESPRO) Suite L Street, NW Washington, DC Gary Klein, Esquire Roddy, Klein & Ryan Suite Atlantic Avenue Boston, MA Craig Allison Lackey, Esquire 5620 Covehaven Drive Dallas, TX Mr. Larry C. Lavender Chief of the Republican Staff U.S. House Financial Services Committee U.S. House of Representatives B371a Rayburn House Office Building Washington, DC Mark Lebovitch, Esquire Bernstein Litowitz Berger & Grossmann LLP 1285 Avenue of the Americas New York, NY Henry Moncure III, Esquire Associate General Counsel Bank of America Card Services 1100 North King Street Wilmington, DE Mr. Jeffrey S. Nielsen Managing Director Navigant Consulting, Inc. Suite K Street, NW Washington, DC Laurence E. Platt, Esquire K & L Gates LLP 1601 K Street, NW Washington, DC Ms. Sarah Bloom Raskin Commissioner of Financial Regulation Department of Labor, Licensing and Regulation State of Maryland Suite North Calvert Street Baltimore, MD Ira J. Rheingold, Esquire Executive Director and General Counsel National Association of Consumer Advocates Suite Rhode Island Avenue, NW Washington, DC xii

7 Mr. Randall W. Roy Branch Chief, Division of Trading and Markets U.S. Securities and Exchange Commission 100 F Street, NE Washington, DC Kathleen C. Ryan, Esquire Counsel, Division of Consumer and Community Affairs Board of Governors of the Federal Reserve System Washington, DC Ms. Peggy Twohig Associate Director, Division of Financial Practices Federal Trade Commission 600 Pennsylvania Avenue, NW Washington, DC Professor Arthur E. Wilmarth, Jr. Professor of Law The George Washington University Law School 2000 H Street, NW Washington, DC Please go to for biographical information about this faculty xiii

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ALI-ABA Course of Study Planning Techniques for Large Estates April 20-24, 2009 New York, New York PROGRAM FACULTY PARTICIPANTS VOLUME 1

ALI-ABA Course of Study Planning Techniques for Large Estates April 20-24, 2009 New York, New York PROGRAM FACULTY PARTICIPANTS STUDY MATERIALS TABLE OF CONTENTS Page xi xiii VOLUME 1 1. Charitable Alternatives