Hahn & Hessen LLP, New York, has been selected as the counsel to the Official Committee of Unsecured Creditors in the bankruptcy filing of Delta Financial Corp., Woodbury, N.Y. According to the law firm, members of the Creditors Committee include Mortgage Information Services, Delta Funding Residual Exchange Co., DB Structured Products, J2 Global Communications, and AT&T Corp. Landis Rath & Cobb LLP has been selected as Delaware counsel. Other official creditors' committees being represented by Hahn & Hessen are: New Century Financial, American Home Mortgage, Aegis Mortgages and ResMae Mortgage. "We are hopeful that our knowledge of the issues unique to distressed mortgage lenders will enable us to assist the committee in maximizing creditor returns," said Mark Power, a partner in Hahn & Hessen's bankruptcy group.
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The Senate passed a bipartisan housing package, which includes certain community bank provisions, in an 85-5 vote. The House is set to vote on the package Wednesday.
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Ralo uses artificial intelligence to automate the entire process, saving consumers money by cutting out commissioned loan officers, processors and underwriters.
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Part of the proposal affects the risk weighting for certain "investment properties and other cashflow-dependent" mortgages, according to a new Pennymac report.
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William Isaac led the Federal Deposit Insurance Corp. through the banking and thrift crises of the 1980s and was a frequent commentator on bank regulation after his time in public service.
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The longtime Federal Reserve chair served under four presidents and presided over the deregulatory and pro-market push of the 1990s and early 2000s that set the stage for the 2008 mortgage crisis.
June 22 -
Life insurers have offloaded long-term policyholder liabilities into offshore reinsurance and captive subsidiaries, raising concerns over state oversight of opaque investment vehicles and whether insurers have adequately funded claims.
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