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Loyola University Chicago

Institute For Investor Protection

School of Law

The National Mortgage Settlement Conference:

A historic state-federal investigation, negotiation, and agreement

Click here to download the Conference Brochure.

Friday, February 22
10:00 AM—4:30 PM

To register, e-mail LawInvestorProtection@luc.edu. Please include your name and contact information.

National Mortgage Settlement Conference - In the News

A massive civil law enforcement investigation and initiative by state attorneys general, state banking regulators, and nearly a dozen federal agencies has resulted in a landmark $25 billion settlement with the nation's five largest mortgage servicers. This important settlement—the largest joint state-federal settlement in history—has played a significant role in addressing the nation's mortgage crisis by providing substantial relief to homeowners. The key figures in this historic settlement will discuss the housing market collapse, the intricate path to the National Mortgage Settlement, and the independent monitor that has been established to oversee the terms of the agreement and ensure its success.

Sponsored by Loyola University Chicago's
Institute for Consumer Antitrust Studies and Institute for Investor Protection

Agenda

10:00 am - 10:15 am

Welcome and Introductions

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David Yellen, Loyola University Chicago School of Law
Lisa Madigan, Illinois Attorney General
Tom Miller, Iowa Attorney General

10:15 am - 12:00 pm

The Rise of Subprime Loans and the Housing Collapse: The State and Federal Response

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Moderator: Spencer Waller, Loyola University Chicago School of Law
Tom Perrelli, former U.S. Associate Attorney General
Lisa Madigan, Illinois Attorney General
Damon Smith, U.S. Department of Housing and Urban Development
Patrick Madigan, Assistant Iowa Attorney General    

  • The rise of significant problems in subprime mortgages: State cases and settlements in Household and Ameriquest
  • Servicing complaints to the states and hotlines
  • Summer and fall 2007 meetings with states, feds, servicers, and banks
  • Creation of State Foreclosure Prevention Group: Data gathering and reports
  • The game-changing emergence of robo-signing in fall 2010
  • States, regulators and federal authorities create a joint investigation and negotiation team
  • Fashioning the framework for an unprecedented national settlement
  • The final days and the announcement of a sweeping state-federal settlement
12:00 pm - 1:15 pm

LUNCHEON SPEAKER: Honorable Shaun Donovan, United States Secretary of Housing & Urban Development

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Introduction: Honorable Neil Hartigan, former Illinois Attorney General, Lieutenant Governor, and Illinois Appellate Court Justice

1:30 pm - 2:45 pm

Implementing the Settlement: The Role of the Monitor and Legal Oversight

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Moderator: Lea Krivinskas Shepherd, Loyola University Chicago School of Law
Joseph A. Smith, Jr., National Mortgage Settlement Monitor
Josh Stein, National Mortgage Settlement Associate Monitor
David Huey, Washington Attorney General's Office

  • The realization of the critical need for a monitor in the implementation of the agreement
  • The role and authority of the monitor
  • The initial reports on homeowner benefits
  • The design and implementation of servicing standards
  • The use of metrics to measure servicing standards compliance
  • Lessons learned from the utilization of a monitor
2:45 pm - 3:00 pm

Break

3:00 pm - 4:15 pm

An Innovative Approach to Law Enforcement: A Bipartisan State-Federal Partnership

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Moderator: David Yellen, Loyola University Chicago School of Law
Tom Miller, Iowa Attorney General
Rob McKenna, former Washington Attorney General
Greg Zoeller, Indiana Attorney General
David Montoya, U.S. Department of Housing and Urban Development
John Ryan, Conference of State Bank Supervisors

  • Reviewing and resolving questions of jurisdiction and authority
  • Creating a mechanism for investigation, framing solutions and utilizing combined expertise
  • The challenges of maintaining a bipartisan approach in volatile public and political arenas
  • Benefits of law enforcement and regulatory cooperation
4:15 pm

Concluding Remarks

David Yellen, Loyola University Chicago School of Law

CONFIRMED SPEAKERS AND MODERATORS

Shaun Donovan, United States Secretary of Housing & Urban Development

Honorable Neil Hartigan (JD '62), former Illinois Attorney General and Illinois Lt. Governor

David Huey, Senior Counsel, Washington State Attorney General

Lisa Madigan (JD '94), Illinois Attorney General

Patrick Madigan, Assistant Iowa Attorney General

Honorable Rob McKenna, former Washington Attorney General

Tom Miller, Iowa Attorney General

David Montoya, Inspector General, US Department of Housing and Urban Development

Honorable Tom Perrelli, former U.S. Associate Attorney General

John Ryan, President and CEO, Conference of State Bank Supervisors

Lea Krivinskas Shepherd, Professor of Law, Loyola University Chicago

Damon Smith, US Department of Housing and Urban Development

Joseph Smith, National Mortgage Settlement Monitor

Josh Stein, National Mortgage Settlement Monitor

Spencer Waller, Professor of Law, Loyola University Chicago

David Yellen, Dean and Professor of Law, Loyola University Chicago

Greg Zoeller, Indiana Attorney General

 

 

SPECIAL THANKS 

Jane Ambrozic, Iowa Attorney General’s Office

Elisabeth Brookover, Loyola University Chicago School of Law

Shelley Dunck, Loyola University Chicago School of Law

Geoff Greenwood, Iowa Attorney General’s Office

Lyndsay Gunkel, Loyola University Chicago School of Law

Deborah Hagan, Illinois Attorney General’s Office

Mary Hanisch, Loyola University Chicago School of Law

Michael Kaufman, Loyola University Chicago School of Law

Tam Ormiston, Iowa Attorney General’s Office

Vaishali Rao, Illinois Attorney General’s Office

 

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