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Washington
Inside Washington (01/06/2011)
* WASHINGTON (1/7/11)--Consumer groups are raising their voices against the Federal Reserve Board’s Truth in Lending plan issued in September, which would, in part, change a borrowers’ “rights of rescission.” Current rules allow borrowers to rescind a loan within three years if that loan fails to comply with disclosure requirements. The Center for Responsible Lending, National Consumer Law Center and other groups have said the Fed proposal would, in effect, gut the rescission rule by requiring a borrower to fully repay the entire mortgage before a loan can be rescinded. The groups' complaints mirror those stated recently by six federal lawmakers who argued that the right of rescission has been a powerful tool to help protect consumers from predatory loans. The consumer groups add that it has been “the main tool” consumers have to defend against foreclosures in cases where their loans were not properly originated.(American Banker Jan. 6)… * WASHINGTON (1/7/11)--In a letter to Senate Democratic Leader Harry Reid, of Nevada, the U.S. Treasury Secretary Thursday said the country could reach the $14.3 trillion debt ceiling as early as the end of March, and likely by May 16. (Wall Street Journal “MarketWatch, Jan. 6) Secretary Timothy Geithner said the U.S. currently has room to borrow about $335 billion, and added that the situation makes it necessary for the U.S. Congress to address the issue of the debt ceiling “by the end of the first quarter."…


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