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government: Another six community-based lenders shut down by regulators - 12/23/10 02:35 PM
State and federal regulators did not hold off before Christmas: they closed another batch of lending institutions over the weekend. A total of six community-based lenders closed their doors: three in Georgia, and one in Arkansas, Florida and Minnesota. This brings the number of bank failures for the year to 157.
The biggest lender closing was the Bank of Miami, N.A., headquartered Coral Gables, Florida. This lenders operated three branch locations in the state with $374,2 million in deposits and assets totaling $448.2 million. FDIC brokered a deal with 1st United Bank of Boca Raton, Florida to take over the failed … (1 comments)
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government: CONFLICTS OF INTEREST FROM TROUBLED ASSET RELIEF PROGRAM CONTRACTORS? - 10/21/10 11:15 AM
The COP (Congressional Oversight Panel) who is in charge of keeping a watch over TARP (Troubled Asset Relief Program) funds is concerned about accountability and potential conflicts of interest because of the Treasury's extensive use of private contractors to carry out functions related to TARP foreclosure prevention efforts. It seems as though there is no place for new initiatives to be funded from the $700 billion bailout, the money being allotted, so existing programs can continue to run. The COP's latest report shows that TARP's most critical functions are performed by private businesses, operating under 91 different contracts worth up to … (0 comments)
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government: GOVERNMENT SEIZES THREE FAILING WHOLESALE CREDIT UNIONS - 09/30/10 11:45 AM
The financial system is still burdened by toxic assets, even after two years since the peak of the financial crisis. There is still the need for the federal regulators to make a move. Recently they took over three key lenders to the US credit unions, after losses on mortgage investment threatened to topple them.
The move came as a result of the National Credit Union Administration's vote to place into conservatorship three corporate credit unions: Members United Corporate Federal Credit Union of Warrenwille, Illinois; Southwest Corporate Federal Credit Union of Plano, Texas; and Constitution Corporate Federal Credit Union of Wallingford, Connecticut.
… (0 comments)
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government: Obama administration plans loans for unemployed homeowners - 09/16/10 10:52 AM
According to Housing and Urban Development Secretary Shaun Donovan, the Obama administration has plans to set up an emergency loan program for the jobless and a government mortgage refinancing effort in the upcoming weeks. The action comes as a reply to the sudden home sales drop in July.
"The July numbers were worse than we expected, worse than the general market expected and we are concerned," Donovan said on CNN's "State of the Union" program yesterday. "That's why we are taking additional steps to move forward."
The plans are to begin a Federal Housing Authority refinancing effort in order to give … (4 comments)
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government: HAMP report Criticized for Missing Metrics - 08/14/10 01:43 PM
The performance metric used to measure if assisted home owners are having difficulties (re-defaulting) on their modified mortgages financed by U.S. tax payers is hardly criticized by experts.
After the monthly Obama administration review of the report on the path breaking foreclosures prevention program, the department of Treasury claimed a problem at Fannie Mae that handles the Home Alternative Modification Program (HAMP). So the public cannot estimate any more if homeowners with HAMP modifications that reduces monthly payments up to 31% of income level are being directed to permanent modification. The report talks about the HAMP program effort to help 3-to … (0 comments)
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government: Darrel Issa reveals more information about the the Countrywide VIP loan controversy - 07/24/10 10:45 AM
New informations highlight the ties between Fannie Mae executives and Countrywide's VIP loan program. This program was created by the subprime lender's CEO at the time, Angelo Mozilo.
Rep. Darrell Issa, ranking member of the Oversight and Government Reform Committees showed documents that reveal information about this controversy: 27 former employees at the government-sponsored mortgage company "somehow managed" to receive 153 subsidized, low-cost loans through the specialty Countrywide VIP loan program. According to Issa, this program existed just to buy friends in critical government and industry positions, in order to protect the company's business interests.
"As our nation marched down the … (0 comments)
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