Finance Industry

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The CFPB has issued a white paper on the manufactured housing market, including how manufactured housing is financed and the types of consumers who purchase or rent such housing. In the paper’s introduction, the CFPB explains that although manufactured housing only accounts for six percent of all occupied housing and a much smaller fraction of U.S. home loan originations, such housing is of interest to the CFPB because it is a source of affordable housing particularly for rural and low income consumers and may raise consumer protection concerns due to the nature of the retail and financing markets for such housing. The report relies on publicly available data, including HMDA data, proprietary data voluntarily provided to the CFPB and information obtained through outreach to industry groups, consumer groups, government agencies and “a variety of market participants and observers.”

The paper’s key findings include:

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As the Supreme Court begins its 2014-15 term this month, it will be considering a number of securities cases, including the Omnicare case, which is scheduled for oral argument on November 3rd, and three other cases in which petitions for certiorari are currently pending before the Court. As discussed below, these cases raise significant questions concerning the standards for claims under Section 11 of the Securities Act of 1933, prosecution of insider trading, and the scope of disgorgement penalties in an SEC enforcement action. We also discuss IndyMac, another securities case that had been scheduled to be heard as the first case of the new term on October 6th, but was abruptly dismissed by the Court earlier this week.

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If you’re a former Supreme Court clerk, the legal world is your oyster. In the words of one observer, “Supreme Court clerkships have become the Willy Wonka golden tickets of the legal profession. So many top-shelf opportunities within the law, such as tenure-track professorships and jobs in the SG’s office, [are] reserved for members of the Elect.”

If you work at a hedge fund, maybe after a stint at Goldman Sachs or a similarly elite investment bank, you’re the Wall Street version of a SCOTUS clerk — at the top of the field, but with way more money. There aren’t many Lawyerly Lairs out there that cost $60 million (the cost of hedge fund magnate Steve Cohen’s new Hamptons house).

What could lure four high-powered lawyers and hedge-fund types, including two former clerks to the all-powerful Justice Anthony Kennedy, to leave their current perches? How about the chance to earn the kind of money that would make a Supreme Court clerkship bonus look like a diner waitress’s tip?

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If you don’t have a lawyer, it is hard to really put their feet to the fire and make sure the banks have every ‘t’ crossed and ‘i’ dotted… We are going to make sure funding for those legal services is restored.

– New York Attorney General Eric T. Schneiderman, discussing the implications of a $2.7 billion hard-cash settlement under a nationwide mortgage servicing agreement.

As part of the settlement, New York State will receive a guaranteed $136 million, and New Yorkers who suffered during the foreclosure crisis will be eligible for an estimated $648 million in additional payments. Schneiderman said the settlement will help restore legal service programs that were cut back in recent years.

It’s hard out there for a 3L. That’s essentially the finding of our reader poll from a few weeks ago. Not many employers are interviewing third-year law students this fall.

But there are employment opportunities out there for enterprising third-year law students. We’ve recently mentioned judicial clerkships, the Justice Department Honors Program, and the Presidential Management Fellows Program.

Today we bring you information about another program that’s hiring graduating law students. The good news: the work/life balance is good, as are the benefits and the pay (six figures). The bad news: these positions aren’t easy to land.

So, what program are we talking about?

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* According to the latest allegations, Hacksaw McDaniel might be Steve the Child Sex Predator. [Macon Telegraph]

* Libyans. We’re very happy you took your country back, but could you pass a law saying something like “shooting guns in the air as a celebration is just f***ing dumb”? Thanks. [Huffington Post]

* I absolutely do not rule out the possibility that lawyers are, on average, genetically predisposed to be miserable bastards. [ABA Journal]

* Man, it has not been a good week for alleged rape victims. [WSJ Law Blog]

* Facebook + ATL = Kash’s fascination with privacy. [Not So Private Parts / Forbes]

* How screwed is the U? (Translation for non-sports fans: Miami University U. Miami is famous for breaking NCAA rules, and appears to have broken more NCAA rules.) [Legal Blitz]

* Here’s how the finance industry reacted to the quake. [Dealbreaker]

* And in the fashion industry, well, I’m just waiting for the “quake nip slip” photos to start popping up. [Fashionista]