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Washington
Inside Washington (01/04/2011)
* WASHINGTON (1/5/11)--As the next Congress focuses on modifying the Dodd-Frank Act, both regulators and lawmakers have pointed to the need for national mortgage servicing and foreclosure standards (American Banker Jan.3). Rep. Barney Frank (D-Mass.), outgoing chairman of the Financial Services Committee, has said conflicting incentives to foreclose or seek other loss-mitigation options have created a need for new servicing standards in the wake of recent problems with loan modifications. Both Sen. Chris Dodd (D-Conn.), outgoing chairman of the Banking Committee, and Sen. Tim Johnson (R-S.D.), who is in line to succeed Dodd, have invited regulators to submit a proposal for national mortgage servicing standards. One area of conflict of particular concern for regulators and lawmakers is when one company services a first mortgage for an investor pool and a second one for a different party. Rep. Brad Miller (D-N.C.) has proposed legislation that would prevent such conflict … * WASHINGTON (1/5/11)--A group of Senate Democrats is expected to call for new limits on filibusters when the new Congress convenes today The New York Times Jan.3). Sen. Tom Udall, (D-N.M.) said proposed legislation would require senators to be on the floor if they seek to derail legislation In the previous Congress, Republicans successfully blocked several Obama Administration bills using procedural tactics. Udall said the Constitution and previous Senate rulings empower senators to change the chamber’s rules by a majority vote on the first day of the new Congress. Senate leaders hope to gain more time for bipartisan talks and avoid a showdown on the Senate floor by putting the Senate in recess at the conclusion of today’s opening session. When members return on Jan. 24, the Senate would technically be in the same legislative day. In the interim, a rules compromise could be worked out among senate leaders, said the Times


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