* WASHINGTON (1/27/09)--The Credit Union National Association (CUNA) has issued a regulatory comment call
for an interim final rule for the Hope for Homeowners Program. The rule implements Emergency Economic Stabilization Act (ESSA) provisions. ESSA created the $700 billion Troubled Asset Recovery Program, which allows the Federal Housing Administration to pay an amount up front to the subordinated lienholder at the time the loan is refinanced in lieu of providing a payment when the property is sold. The interim rule implements the ESSA provisions by determining the amount of the up-front payment. The rule was effective Jan. 7. Comments are due by March 9 ... * WASHINGTON (1/27/09)--The Senate has confirmed the Obama administration’s nomination of Shaun Donovan to oversee the Department of Housing and Urban Development, and Mary Schapiro as Securities and Exchange Commission chairman by unanimous consent (American Banker
Jan. 26). The Senate Monday night confirmed Timothy Geithner’s nomination as Treasury Department secretary... * WASHINGTON (1/27/09)--Vice President Joe Biden and House Speaker Nancy Pelosi (D-Calif.) agree that more money is needed to stabilize the nation’s banks. Though both said they were open to providing more funds, they emphasized that there must be transparency in how the money is spent (The Washington Post
Jan. 26). The Obama administration has proposed an $850 billion economic stimulus package to help recover the economy. House Republican leader John A. Boehner (R-Ohio) said most of his party members oppose the measure. Obama has increased his lobbying for the bill and is expected to meet with Republican caucuses today ...