1. Creating Borrower Rights to With Respect to Concessionary Loan Modifications February 7, 2011 Brian D. Boyle

2. Slide 2 Source: Lender Processing Services, December 2010 Mortgage Monitor

3. Slide 3 Source: Lender Processing Services, December 2010 Mortgage Monitor

4. Slide 4 Source: Lender Processing Services, December 2010 Mortgage Monitor

5. Slide 5

6. Slide 6 Source: OCC/OTS Mortgage Metrics Report, Third Quarter 2010

7. Slide 7 Source: OCC/OTS Mortgage Metrics Report, Third Quarter 2010

8. Slide 8 Source: OCC/OTS Mortgage Metrics Report, Third Quarter 2010

9. Slide 9 Housing ExpensesModificationShort SaleForeclosure Housing cash flows for typical underwater borrower Modified monthly mortgage payment $10,800 (12 months at $900) $0 Moving expense$0$2,000 Relocation assistance$0($3,000)($2,500) Monthly rental payment$0$7,700 (7 months at $1,100) $0 12 month prospective housing expense $10,800$6,700($500) Borrower Economics: Foreclosure vs. Alternatives

10. Contact Me With Questions Brian D. Boyle OMelveny & Myers LLP 1625 Eye Street NW Washington, DC 20006 202-383-5327 bboyle@omm.com Slide 10