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MOVERS & SHAKERS CONTINUED FROM PAGE 29 Nielson & Sherry Promotes Two and Adds Three Attorneys Nielson & Sherry, PSC, recently announced two promotions. Amanda V. Green was appointed chief compliance officer. Green, who joined the firm in 2008, was previously head of the litigation and bankruptcy departments. She graduated from the University of Cincinnati's College of Law. David Boyce was promoted to the position of senior associate and appointed to serve as default attorney manager. He joined the firm in 2007 and represents lenders and servicers in residential foreclosure action cases. Boyce is a graduate of Ohio Northern University's Claude W. Pettit College of Law. He is admitted to practice in Kentucky and the United States District Courts for the Eastern and Western Districts of Kentucky. The firm also welcomed three new attorneys. Matthew George was hired as an associate in the firm's bankruptcy and litigation departments. George earned his Juris Doctor from Northern Kentucky University's Chase College of Law. He is admitted to practice in Kentucky and Indiana, and the United States District Courts for the Eastern and Western Districts of Kentucky. Philip George is an associate attorney practicing in the firm's residential foreclosure department. He graduated from the University of Kentucky with a bachelor's degree in finance in 2006 and earned his Juris Doctor from Salmon P. Chase College of Law in 2010. He is a member of the Kentucky State Bar and admitted to practice in the United States District Court for the Eastern and Western Districts of Kentucky. Daniel Chandler brings more than 10 years' real estate transaction experience to the firm. He was hired as a title and closing attorney. Chandler graduated from the University of Louisville's Louis D. Brandeis School of Law and is licensed to practice in Kentucky and the United States District Court for the Southern District of Indiana. Nielson & Sherry is the only Kentucky-based firm to be a member of both the Fannie Mae Retained Attorney Network and the Freddie Mac Designated Counsel program. The firm's default legal services division handles foreclosure, bankruptcy, eviction, litigation, loss mitigation, and compliance issues for residential and commercial mortgage origination and servicing clients. Its real estate services division routinely conducts residential and commercial title searches throughout all of Kentucky's 120 counties and provides both residential and commercial closing services for the entire Commonwealth of Kentucky. The firm also offers title and closing services in Indiana and Ohio. ORNL Federal Credit Union Hires SVP ORNL Federal Credit Union appointed T. Wayne Hood, Esq., as SVP and general counsel. A certified regulatory compliance advisor, Hood brings to ORNL all his expertise and experience dealing with the unique needs of credit unions as the company works to develop policies and procedures that meet compliance standards and reduce risk. Law Clerk at Potestivo & Associates Promoted to Associate Attorney Potestivo & Associates, P.C., announced the promotion of Jaclyn C. Sullivan as associate attorney for the Michigan foreclosure department. Sullivan first started with the firm as an assignment coordinator in the foreclosure department and moved up to become junior foreclosure coordinator and then a law clerk. Sullivan earned her Juris Doctor from Thomas M. Cooley Law School. Hutchens, Senter, Kellam & Pettit Grows Team with Three New Hires Hutchens, Senter, Kellam & Pettit, P.A., welcomed two new attorneys and a marketing and event coordinator to its team. Chris Foster joins the firm with eight years of experience in the areas of wills, trusts, estate planning, estate administration, corporate taxation, business planning, and business formation. Foster earned his MBA and Juris Doctor from the University of South Carolina. He further pursued a master of law degree in taxation from the University of Florida Frederic G. Levin College of Law. Elizabeth Jackson also joined the firm as an attorney. Her areas of practice include creditors' rights and civil litigation. Jackson received her undergraduate degree from the University of Southern California and earned her Juris Doctor from the Loyola Law School in 2012. Jackson is a member of the North Carolina and Cumberland County bar associations. Also joining the firm is Sara Gamache, who was hired as a marketing and event coordinator. Gamache is responsible for implementing marketing efforts at the firm's main office in Fayetteville, and she also assists with similar activities at the other two locations in Wilmington and Charlotte. In addition, she coordinates the firm's participation at local events and in community involvement. Rogers Townsend Attorney Appointed to Lawyers Fund Committee Michael Morris, an attorney with Rogers Townsend & Thomas, P.C., was selected to serve on the Lawyers Fund for Client Protection Committee, which reimburses clients for money or property mishandled by members of the South Carolina Bar. Morris largely represents mortgage lenders and servicers across South Carolina in real estate foreclosures. CONTINUED ON PAGE 31 30 CONTINUED FROM PAGE 29 on loans owned and serviced by the servicer will be credited dollar-fordollar, but forbearance activities provide a credit of 5 cents for every dollar, for example. Smith added that the information provided in the report "cannot be used to evaluate progress toward the banks' $20 billion obligation" since it represents the gross amount." While servicers can receive credit through a variety of forms of relief, at least 60 percent must be from first and second lien principal reduction modifications; no more than 10 percent can be deficiency waivers. Servicers have three years to meet the minimum relief requirements, but they are encouraged to offer relief sooner. If servicers complete first or second lien principal reductions or refinancing by March 1, 2012, they receive an additional 25 percent credit toward their settlement obligation. Bank of America recently announced that it anticipates fulfilling consumer relief requirements within the first year, which would make the company eligible for the early-relief incentive of an additional 25 percent in credits. Out of the $26.11 billion in relief already awarded, $2.55 billion was in the form of principal writedown modifications on first liens, while $2.77 billion came from second lien modifications involving principal forgiveness. The majority came from short sales—$13.13 billion. Another $1.44 billion took shape in refinances. If servicers don't complete all requirements within three years, they must pay 125 or 140 percent of their unmet commitment amount. As part of the settlement, servicers also had to implement more than 300 servicing standards by October 2. KNOW THIS The 20-city composite reading of the S&P/ Case-Shiller Index rose in September 2012 to its highest level in two years, though it remains 29.2% below its July 2006 peak.

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