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Washington
Inside Washington (01/15/2008)
* WASHINGTON (1/16/08)--Federal Reserve Board Chairman Ben Bernanke will discuss the housing crisis during a meeting with the House Budget Committee Thursday. On Monday, he met with Speaker of the House Nancy Pelosi (D-Calif.) to talk about how the Fed and Congress can work together to help the economy. No specifics were released about the meeting (American Banker Jan. 15) ... * WASHINGTON (1/16/08)—Rep. Richard Baker (R-La.), former chairman of the House Financial Services subcommittee on capital markes, announced Tuesday that he will leave Congress no later than Feb. 7. (The Daily Report by Businessreport.com) It has been reported that Baker has been in talks with the Managed Funds Association to become its president. CongressDaily reported Jan. 8 that Baker has been in talks with the group regarding a $1 million annual salary. His departure from the House will result in a special election to fill his 6th District seat ... * WASHINGTON (1/16/08)--A bill that would allow bankruptcy judges to restructure mortgages could trigger higher costs for lenders and borrowers by 1.5% or more, according to the Mortgage Bankers Association (American Banker Jan. 15). The Credit Union National Association (CUNA) has stated that provisions of the mortgage bill could adversely affect credit unions and encouraged lawmakers to tailor the bill’s broad definition of “non-traditional” mortgages so that carefully underwritten credit union loans are not treated the same as the questionable subprime loans that have caused an upheaval in the subprime and mortgage markets. (News Now Dec. 13)...


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