The initial period for federal registration of residential mortgage loan originators pursuant to the S.A.F.E. Act is expected to start on or around January 31, 2011, and end on or around July 29, 2011. Date January 6, 2011 Cross References (links may require a Cabinet subscription) OCC 2011-1

HM Treasury On 26 January 2011, the UK government announced a package of measures to enhance consumer protection in the mortgage market. These measures will: (i) transfer the regulation of new and existing second charge residential mortgages from the Office of Fair Trading to the Financial Services Authority; (ii) ensure consumer protections are maintained when a mortgage book is sold by a mortgage lender to an unregulated firm; and (iii) extend the current regulation of the sale and rent back market to all providers, to ensure appropriate protection for consumers. The statutory instruments

The federal bank, thrift and credit union regulatory agencies, along with the Farm Credit Administration, announced that the Nationwide Mortgage Licensing System and Registry will begin accepting federal registrations on Jan. 31, 2011. Under the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) and the agencies' final rules, residential mortgage loan originators employed by banks, savings associations, credit unions, or Farm Credit System institutions must register with the registry, obtain a unique identifier from the registry, and maintain their registrations. Date

February 8, 2011 The Federal Reserve Bank of New York today released Subprime Foreclosures and the 2005 Bankruptcy Reform , the latest article in its Economic Policy Review series from the Research and Statistics Group. Cross References Press Release

SEC Release No. 34-64148 March 30, 2011 Federal financial regulatory agencies published a proposal to implement the risk retention requirements of Exchange Act Section 15G (as added by Section 941 of Dodd-Frank) to require asset-backed securitizers to retain at least 5% of the credit risk of the assets collateralizing asset-backed securities. The statute contains a number of exemptions from this requirement, in particular for securities collateralized entirely by certain "qualified residential mortgages" (defined in the proposal). Comments on the proposal (which is nearly 400 pages) are due by