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09 .0 6.1 2 Hosted concurrently with the Five Star Default Servicing Conference & Expo C te ha an ete rac o d ri ter se f le an ng ize cr ga ov co d is g op et liti era nd by de rou er tha es, bu itio ag fin nd atin t o it 's nd ns ai ite . B g ur n an n s ly u o i o ce t u is t t n s n d u s . n't h e h a s t st de k y r y a c ck ke d g g g g g g g g ng zn e z nuse z nuse z nuse ziiiiiiiiinuse zn z nuse z nuse iiiiiiiiillllllllliiiiiiiiiz us ab ab Ho ab Ho ab Ho ds ab Ho ds ab Ho ds ab ab Ho ab Ho ds St St e St e St e ar St e ar St e ar St St e St e ar th C th th th th C th C th C of of of of Lenders, servicers, and GSEs, join us for an exclusive event offering the most timely and relevant open-forum roundtables the industry has to offer, and its signature first-class networking reception. SEPTEMBER 6: 9:45–11:00 a.m. – Breakout I >> The New World of Servicing >> Defeating Claims Under the UCC, RESPA, FDCPA and TILA 11:15 a.m.–12:30 p.m. – Super Session >> The Foreclosure Forum - Where Do We Stand? 12:45–2:00 p.m. – Private Legal League 100 Keynote Luncheon 2:15–3:30 p.m. – Breakout II >> Bankruptcy 2012 >>Going Forward: The Role of the GSE's 3:45–5:00 p.m. – Breakout III >> Pick Your Poison: State Court vs. Federal Court >> Non-Retention Loss Mitigation Strategies 5:00–7:30 p.m. – Exclusive Networking Reception Brian D. Montgomery is co-founder, partner, and chairman of the Collingwood Group LLC. He served as HUD's assistant secretary for housing and commissioner of the Federal Housing Administration from 2005 to 2009. LENDERS, SERVICERS, GSEs: contact Kelli Snowgren at Kelli.Snowgren@ TheFiveStar.com, or by calling 214.525.6786, to RSVP. Legal League_DS News_2/3.indd 4 54 The industry also faces another critical task— America's relationship with homeownership and housing finance. In an interview with the New York Times in July, CFPB Director Richard Cordray said the new consumer watchdog agency seeks to "restore trust" in the financial system, particularly in the mortgage marketplace. While Director Cordray may have more regulations and increased oversight in mind, I agree we must restore the tarnished image of homeownership and the trust Americans have in its value. On the topic of the CFPB, on July 9, the organization released for public comment its long-awaited proposed rule with the stated goal of simplifying and integrating the Real Estate Settlement and Procedures Act (RESPA) and the Truth in Lending Act (TILA) mortgage disclosure documents. The 1,099-page proposed rule is another tectonic shift for an industry still emerging from its current doldrums while also simultaneously dealing with dozens of other proposed rules emanating from the CFPB. On the heels of HUD's five-year-long RESPA reform effort that culminated with the publication of a final rule in November 2008, the revised disclosures represent another step in creating more transparency in the marketplace for both lenders and consumers. Millions of Americans over several generations have enjoyed the tangible and intangible benefits of homeownership as a result of the mortgage market liquidity made possible by the GSEs. Moreover, these institutions have employed some of the best and brightest in the mortgage industry, including thousands of dedicated men and women who fervently believed in their mission of helping to provide homeownership to working families across the country. Yet housing has been characterized as a cautionary tale for the last five years. The Obama administration, the media, and regulators continue to inundate potential homebuyers and homeowners with the financial risks associated with mortgage lending despite a long history (pre-housing boom) in which this market construct by and large worked with exactness and efficiency. As an industry, we must strike a balance with this cautionary approach in the future and in whatever housing finance reform we pursue as homeownership remains the hallmark of the American Dream. 7/24/12 1:17 PM

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