APRIL 2008

subprime solutions

Skillfully Navigating the Credit Crisis

We are pleased to send you the premier edition of Subprime Solutions, a monthly newsletter from Mintz Levin’s Subprime Practice Group that gathers news on the subprime and credit crises from a variety of sources to keep you up-to-date with breaking developments. We bring you news and other features that will keep you apprised of developments in this ever-evolving crisis and its far-reaching consequences.

A video podcast of a recent presentation by Mintz Levin Subprime Practice Group Co-Chairs Rich Moche and Jack Sylvia, and Member Bridget Rohde entitled “Take Stock of Your Own House: Proactively Responding to the Subprime Crisis,” is available for download under the “In the News” section below. The presentation provides guidance regarding how to respond to the many governmental investigations that are underway and how conducting an internal investigation can be an important safeguard in preparing to respond to such governmental investigations.

Finally, please take note of this month’s “Spotlight” on Nancy Adams. Among other recent work, Nancy has published an article entitled, “The Subprime Mortgage Crisis and D&O Insurance,” and presented at the IQPC Conference, “Subprime and the Credit Crisis,” held in New York City at the end of February.

We hope you enjoy this issue of Subprime Solutions.
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In This Edition

In the News
Government and Regulatory
Spotlight on Nancy Adams
Events

In the News

Take Stock of Your Own House

Proactively Responding to the Subprime Crisis

Richard H. Moche, Bridget M. Rohde, and John F. Sylvia
Video Podcast, Mintz Levin - March 4, 2008

Treasury to Propose Overhaul of Financial Oversight

NPR.org - March 31, 2008

Treasury Wants to Reshape Regulation

The Washington Post - March 29, 2008

Central Banks Step Up Efforts to Slow Credit Crisis

Reuters - March 28, 2008

They Can Go Home Again

Business Week - March 26, 2008

New Century Bankruptcy Examiner Says
KPMG Aided Fraud

Bloomberg News - March 26, 2008

Subprime Watchdogs Ignored

The Seattle Times - March 25, 2008

State Pension Funds Enticed by
Mortgage-Mess Bargains

The Chicago Tribune - March 22, 2008

New York Feels the Crunch

Business Week - March 21, 2008

Mortgage Crisis Hits Cultural Institutions

The Los Angeles Times - March 21, 2008

The Litigation Storm

Business Week - March 20, 2008

The Subprime Mortgage Meltdown Hits Securities Law

Dolan Media Newswires - March 17, 2008

Waiting for the Subprime Lawsuits

Business Week - March 13, 2008

Wall Street and Washington Share Bailout Idea

Reuters - March 13, 2008

The Fed’s Historic Innovation

Business Week - March 12, 2008

Executives Involved in Subprime Crisis Defend Pay

Newsday - March 8, 2008

Fannie, Freddie Agree to New Appraisal Standards

Reuters - March 4, 2008

Economists Call Subprime Fallout Biggest Threat

MSNBC.com - March 3, 2008

Subprime Fallout

Who’s Stuck with $400 Billion in Losses?

Christian Science Monitor - February 25, 2008

Economic Downturn Emboldens Shareholder Activists

The Washington Post - February 19, 2008

Government and Regulatory

Treasury Releases Blueprint for Stronger
Regulatory Structure

Press Release, U.S. Department of Treasury - March 31, 2008

Jackson to Step Down as HUD Secretary

Press Release, U.S. Department of Housing and Urban Development - March 31, 2008

Remarks by Secretary Henry M. Paulson, Jr. on Current Financial and Housing Markets at the US Chamber of Commerce

Press Release, U.S. Department of Treasury - March 26, 2008

FHFB Authorizes Temporary Increase on Purchase
of Mortgage Back Securities

Press Release. Federal Housing Finance Board - March 24, 2008

Frank Urges Overhaul of Business Regulations

Robert Gavin
The Boston Globe - March 21, 2008

Chairman Cox Letter to Basel Committee in Support of New Guidance on Liquidity Management

Press Release, U.S. Securities and Exchange Commission - March 20, 2008

OFHEO, Fannie Mae and Freddie Mac Announce Initiative to Increase Mortgage Market Liquidity

Press Release, Office of Federal Housing Enterprise Oversight (OFHEO) - March 19, 2008

Federal Reserve Announces Two Initiatives Designed to Bolster Market Liquidity and Promote Orderly Market Functioning

Press Release, Board of Governors of the Federal Reserve System - March 16, 2008

Frank Announces New Economic, Mortgage
and Housing Rescue Proposal

Press Release, House Financial Services Committee
March 14, 2008

Paulson: More Mortgage Lender Rules Needed

MSNBC.com - March 13, 2008

Federal Reserve and Other Central Banks Announce Specific Measures Designed to Address Liquidity Pressures in Funding Markets

Press Release, Board of Governors of the Federal Reserve System - March 11, 2008

Federal Reserve Announces Two Initiatives to Address Heightened Liquidity Pressures in Term Funding Markets

Press Release, Board of Governors of the Federal Reserve System - March 7, 2008

Reducing Preventable Mortgage Foreclosures

Chairman Ben S. Bernanke at the Independent Community Bankers of America Annual Convention, Orlando, Florida

Speech, Board of Governors of the Federal Reserve System
March 4, 2008

Dodd Calls for “Substantial, Meaningful Action”
from Regulators to Address America’s Credit Crisis

Press Release, U.S. Senate Committee on Banking, Housing, and Urban Affairs - March 4, 2008

Federal Reserve Board Encourages Institutions
to Report on Loan Modification Efforts in
Consistent Way

Press Release, Board of Governors of the Federal Reserve System - March 3, 2008

Cuomo Settles Home Appraisal Case
with Fannie Mae, Freddie Mac

New York Daily News - March 3, 2008

Statement to Financial Institutions Servicing Residential Mortgages on Reporting Loss
Mitigation of Subprime Mortgages

SR Letter, Board of Governors of the Federal Reserve System
March 3, 2008

New Bills Target Housing Fiasco

The Miami Herald - March 2, 2008

Regulator Orders Mortgage Data from Nine Banks

Reuters - February 29, 2008

Republicans Seen Blocking Senate Foreclosure Bill

Reuters - February 28, 2008

Legislators Propose Mortgage Relief Plan Offering Help with Payments

Provided by Harvard John F. Kennedy School of Government
Hartford Courant - February 26, 2008

Spotlight on Nancy Adams

Nancy Adams, practicing in the Boston office of Mintz Levin, is an active member of the firm’s Insurance/Reinsurance Group, and is a founder of the firm’s Subprime Practice Group and Insurance/Bankruptcy Group.

As part of her work with the Subprime Practice Group, Nancy authored an article entitled, “The Subprime Mortgage Crisis and D&O Insurance: A New Frontier of Litigation,” which appeared in the January 2008 issue of the Insurance Coverage Law Bulletin and is reprinted on www.mintz.com, here.

Nancy also presented at the IQPC Conference, “Subprime and the Credit Crisis,” held in New York City on February 26th and 27th. She joined a panel including Kevin Lacroix of Oakbridge Insurance Services, Todd Greeley of CNA, and Ray DeCarlo of AIG, on “Exploring Potential Liability for Directors, Officers, and Their Insurers.”

Nancy is a Trustee of the Insurance Library Association of Boston. She obtained her CPCU designation in 2002 and is an active member of the CPCU Society both nationally and locally. Nancy teaches CPCU 530, “The Legal Environment of Risk Management and Insurance,” CPCU 552, “Commercial Liability Risk Management and Insurance,” and INS-22, “Personal Lines.” Since 2002, Nancy has been an active member of the national New Designee Task Force. In 2005, Nancy was appointed to the Consulting, Litigation, and Expert Witness (CLEW) Section Committee of the CPCU Society. Nancy is also an officer of the Boston Chapter and serves as its treasurer.

Nancy is a member of the American Bar Association, the CPCU Society, the Professional Liability Underwriting Society (PLUS), and the Massachusetts, Women’s, and Boston Bar Associations. She received her bachelor of arts, cum laude, from Trinity University in San Antonio, Texas (1989) and her juris doctor from Boston College Law School (1992).