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Subprime Lending Crisis: New Regulations and Enforcement Efforts, Business and Litigation Strategies Second Day Overview Veronica E. Rendon, Co-Chair Arnold.

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Presentation on theme: "Subprime Lending Crisis: New Regulations and Enforcement Efforts, Business and Litigation Strategies Second Day Overview Veronica E. Rendon, Co-Chair Arnold."— Presentation transcript:

1 Subprime Lending Crisis: New Regulations and Enforcement Efforts, Business and Litigation Strategies Second Day Overview Veronica E. Rendon, Co-Chair Arnold & Porter LLP 399 Park Avenue New York, NY 10022 212.715.1165 veronica.rendon@aporter.com March 18-19, 2008

2 arnoldporter.com 10/04/2007PAGE 2 SEC Enforcement Activity “Our division of enforcement is … actively on the lookout for possible securities fraud involving the securitized packages of these loans." Christopher Cox, Chairman, SEC, Testimony to House Financial Services Committee, 6/26/07 "We will look for any potential fraud, by management, auditors, lawyers, credit-rating agencies, or others." Walter G. Ricciardi, Deputy Director, Enforcement Division, Testimony to Committee on Financial Services, 9/20/07

3 arnoldporter.com 10/04/2007PAGE 3 SEC Enforcement Activity  Specialized team dedicated to subprime loan securitization  Investigations into banks and funds relating to valuation of subprime assets –Focused on accounting for loan losses and gain on sale  Also investigating rating agencies for potential conflicts of interest

4 arnoldporter.com 10/04/2007PAGE 4 And, That’s Not All, Folks  State Attorney Generals are jumping into the fray  So is the Financial Industry Regulatory Authority (FINRA)  So is the Federal Bureau of Investigations (FBI)  This much activity is never a good thing

5 arnoldporter.com 10/04/2007PAGE 5 Really talking about foreseeability…

6 arnoldporter.com 10/04/2007PAGE 6 “What did people know… and when did they know it?”

7 arnoldporter.com 10/04/2007PAGE 7 And, suitability… with a ripple effect likely to play out in the civil arena.

8 arnoldporter.com 10/04/2007PAGE 8 WE WELCOME YOUR QUESTIONS AND COMMENTS!

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