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Th e M Rep o RT | 35 O r i g i nat i O n s e r v i c i n g a na ly t i c s s e c O n da r y m a r k e t ORIGINATION the latest ORIGINATION HUd requests comments on revised addendum to Uniform residential loan application The public is encouraged to submit feedback on Form 1003. H UD recently released a notice requesting public comment on proposed revisions to the Addendum to Uniform Residential Loan Application, also known as the 92900-A. This is the loan certification document signed by lenders. The Uniform Residential Loan Application, also called Form 1003, is a form required by Fannie Mae and Freddie Mac for single- family home loans that will be secured by these institutions. Applicants must provide their monthly income and combined household expenses, a listing of assets and liabilities, details of the real estate transaction, and personal information that will be used to determine eligibility. The comment period on pro- posed revisions to the form will be open for 60 days, according to HUD. Anyone interested in com- menting should submit their com- ments for the proposal to: Colette Pollard, Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 7th St. SW., Room 4176, Washington, DC 20410–5000; 202.402.3400 (this is not a toll-free number) or e-mail at Colette. Pollard@hud.gov for a copy of the proposed forms or other available information. Comments should include proposal name and/or OMB Control Number. "The comment period pro- vides FHA an opportunity to hear directly from the industry," said Edward Golding, Principal Deputy Assistant Secretary for the Office of Housing. "We want to ensure we're providing clear guidelines for what lenders are responsible for in a common sense way. Ultimately, we're working to improve clarity in a manner that will be beneficial to lenders and borrowers alike." Proposed revisions to the HUD Addendum to Uniform Residential Loan Application: • Differentiate between initial and final Uniform Residential Loan Application • Revise mortgagee certification on debarment and suspension to be loan specific • Remove references to hand- books no longer in use by Single Family Housing • Update language regarding ac- ceptable sources of funds • Provide current non-discrimina- tion language • Update terminology reflected in the new Single Family Housing Policy Handbook 4000.1. lehman Files suit against three Financial institutions Syncora, U.S. Bancorp, and Greenpoint Mortgage all a part of Lehman's legal claims. O nce the fourth-largest investment bank, Lehman Brothers Holdings Inc. was hit hard by the subprime mortgage crisis and filed bankruptcy in 2008. According to the Wall Street Journal, the company is mak- ing headlines again by filing suit against three financial institu- tions—Syncora Holdings Ltd., U.S. Bancorp, and GreenPoint Mort- gage Funding, Inc.—in an attempt to disallow "duplicate" claims emerging from crisis-era loans. When Lehman filed for bank- ruptcy in 2008, it became the largest bankruptcy filing in U.S. history. Alvarez & Marsal, Inc., managed Lehman's assets until the company was reorganized. While Syncora and U.S. Bancorp are the primary parties named in the suit, the Wall Street Journal explained that that the loans in question were first made by GreenPoint Mortgage Funding, Inc. Syncora and U.S. Bank are suing GreenPoint in a separate proceeding regarding the same toxic mortgages in question. According to the Journal Leman stated that: "These claims, which Lehman has been trying to resolve over the past two years, continue to impede the administration of the plan and the orderly distribution of assets. Among other demands in the nine-count complaint, Lehman wants Judge Shelley C. Chapman to disallow the U.S. Bank claim, arguing U.S. Bank's argument is with GreenPoint. It is also asking Judge Chapman to disallow the Syncora claim, saying it is a duplicate of the U.S. Bank claim. If the judge doesn't do that, Lehman wants the claims estimated at zero dollars. Lehman also wants the judge to declare that GreenPoint, and not Lehman, is liable for the claims." According to the Journal, Lehman Holdings and its subsid- iaries have already returned about $100 billion to creditors and have set aside $600 million to cover the claims filed by Syncora and U.S. Bank. "We want to ensure we're providing clear guidelines for what lenders are responsible for in a common sense way." —Edward Golding, Principal Deputy Assistant Secretary for Office of Housing