Miami, FL After speaking to a sold-out crowd at a Mortgage Bankers Association (MBA) seminar in Texas in March, two Bilzin Sumberg Baena Price & Axelrod LLP partners, Robert M. Siegel and Philip R. Stein, have been invited by the MBA to speak at its second Mortgage Loan Repurchase Workshop, to be held June 24th at the Hyatt Regency O'Hare in Chicago, IL. Siegel and Stein will lead the Borrower/Lender Misrepresentations breakout session as well as the Question and Answer session at the end of the day.
Loan repurchase demands are a hot topic because of recent attempts by federal agencies to force large, national lenders to buy back billions in home loans. Despite having received billions in federal bail-out money, these national, financial institutions are, in turn, applying extraordinary pressure on the companies that originated those loans to buy back the loans that the banks have been required to repurchase. Mortgage origination companies and community banks are increasingly realizing that if not stopped, the flood of buy back demands may threaten their survival. Accordingly, these entities have been exerting greater efforts to defend against, and defeat, these repurchase demands. From the beginning of the buy back crisis, Siegel and Stein have been assisting numerous companies across the country in doing so.
The workshop, open to both MBA members and non-members, will address the current rise in repurchase demands and the practical steps lenders and mortgage loan originators should take when developing a defense against such demands. Philip R. Stein, a Partner in Bilzin Sumberg's Litigation Group, and Robert M. Siegel, a Partner and Chair of the firm's Commercial Finance Group, are leading legal authorities on this topic and are currently being retained by mortgage originators throughout the country to handle the contractual and litigation issues resulting from these repurchase demands.