WHAT'S HAPPENING AT WBSK
Happy New Year! As we begin 2010, Weiner Brodsky Sidman Kider PC (“WBSK”) would like to take this opportunity to thank you for your business and support in 2009. This past year was undeniably a transitional year for the mortgage finance industry given the host of emerging federal and state regulatory reforms and the litigation spawned by the housing meltdown. It was a busy year for WBSK as we strived to help our clients successfully navigate the vastly changing landscape for the industry.
On the litigation front, WBSK
- successfully litigated the withdrawal of HUD’s revised RESPA rule that would have precluded homebuilders from offering incentives to their customers who use affiliated mortgage lenders and title companies;
- achieved favorable resolution of federal and state regulatory enforcement matters;
- defended and pursued disputes and litigation regarding repurchase demands;
- assisted clients in responding to civil investigative demands issued by the Federal Trade Commission; and
- successfully defended counterclaims brought in foreclosure actions.
On the regulatory front, WBSK
- achieved favorable results for clients responding to the HUD Mortgagee Review Board, Credit Watch and indemnification requests related to FHA-insured loans;
- assisted clients in interpreting and implementing new and revised rules and regulations pertaining to RESPA, TILA and SAFE Act;
- designed proprietary home equity and reverse mortgage loans programs;
- assisted mortgage servicers with federal Treasury, GSE and FHA HAMP program implementation and compliance;
- performed numerous multi-state reviews on state mortgage banking licensing requirements and exemptions, fee surveys, and loan document and disclosure reviews; and
- assisted numerous clients in preparing and responding to state mortgage banking regulatory examinations.
On the transactional front, WBSK
- acted as lead regulatory counsel for several investors acquiring assets of distressed or failed depository institutions;
- structured various correspondent and wholesale lending programs, including the preparation of all supporting agreements and documentation;
- acted as lead regulatory counsel in the transfer of over $1 billion in GNMA servicing rights;
- assisted in establishing new net branch arrangements and affiliated business arrangements pursuant to applicable HUD guidelines;
- performed regulatory compliance due diligence reviews in numerous acquisition transactions; and
- negotiated warehouse lines of credit and master repurchase arrangements.
In addition to achieving these results for our clients, we took the opportunity to strengthen our staff tremendously in 2009:
Aldys A. London, who heads the firm’s licensing and state law group, became a Member of the firm. Aldys has over ten years experience as a regulatory compliance attorney and has been with WBSK since 2002. Aldys’ extensive knowledge of state and federal regulatory compliance issues makes her an invaluable asset to the firm and our clients. Aldys also serves as a Member of the Advisory Council of the American Association of Residential Mortgage Regulators.
Brian J. Evans, a respected banking regulatory and lending attorney, joined the firm as Counsel. Prior to joining WBSK, Brian served as Senior Vice President and Assistant General Counsel at Wachovia Corporation, where he managed the legal team responsible for enterprise-wide mortgage lending originations and served as lead attorney on major mortgage, consumer and commercial lending initiatives. Brian also has substantial work experience with a leading nationwide mortgage originator and servicer, where he managed the legal team supporting the retail, wholesale, correspondent, servicing, default servicing and master servicing divisions. Brian’s broad, practical experience gained over decades of work in the industry, coupled with his deep knowledge of regulatory matters, affords him the ability to offer real world, pragmatic advice to our clients.
David Goodfriend, a lobbyist and attorney, who was formerly a deputy staff secretary in the Clinton administration, joined the firm’s Washington, DC office as Of Counsel. David specializes in telecommunications and renewable energy financing issues. Prior to starting his own practice, he was Vice President of Law and Public Policy for DISH Network.
Troy W. Garris, a Member of the firm, relocated to his home state of Texas to head the firm’s Dallas office. Troy has been with WBSK for nearly a decade and continues his focus on federal and state regulatory compliance and transactional work, as well as labor and employment issues.
These key players are supported by five new associates:
Michael Y. Kieval, formerly with Shearman & Sterling, LLP, and Jason W. McElroy, formerly with White & Case LLP, joined the firm’s litigation group. Jennifer E. Silversmith, Joseph E. Silvia, formerly with the Mortgage Bankers Association, and Leslie A. Sowers, formerly with Sidley Austin LLP, joined the firm’s mortgage banking and financial services group.
We wish you a prosperous and productive 2010 and look forward to working with you during the coming year.
Weiner Brodsky Sidman Kider PC is a Washington, DC-based law firm with a national practice focused on compliance, regulatory, transactional and litigation matters related to financial services. For 33 years, WBSK has represented a broad client base, from start-up businesses to Fortune 500 companies, throughout the United States. For more information, please contact us at (202) 628-2000 or visit our website at www.wbsk.com.