Editor's note: This excerpt highlights coverage in this month's HW Magazine. Subscribe now to get the full story. The new regulatory regime under Dodd-Frank is now in effect, touching nearly every aspect, if not all, of the mortgage financing industry. One part that's largely overlooked is the change to the landscape set up under the Tenant Act, and the lingering, severe problems that Dodd-Frank didn't fix. A legal definition of tenant One needs to understand that the Tenant Act basically creates the Protecting Tenants at Foreclosure Act (PTFA) and also creates five subcategories of tenants. The first category is made-up of tenants that are not considered bona fide and are therefore not protected at all by the Tenant Act. Bona fide is defined by the statute and is defined by one of three specific characteristics. For instance, a bona fide tenant cannot pay substantially less than fair market rent. Second, he or she can't be the borrower or the borrower's parent or child. And third, a bona fide tenant must have a true arms-length transaction. Tenants who are not bona fide are not protected by the PTFA. TO READ THE FULL STORY, SUBSCRIBE NOW.