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Inside Washington (03/20/2012)
  • WASHINGTON (3/21/12)--Federal Housing Finance Agency General Counsel Alfred Pollard said in written testimony for a Brooklyn field hearing before the House Oversight Committee that state and local governments that have approved laws intended to protect consumers threatened by foreclosure are gumming up the foreclosure process, slowing it down to the detriment of all parties involved (America Banker March 20). Pollard said states and localities should pause in their passage of such rules that, he said, build roadblocks to a smooth foreclosure process and find a balance between protections for homeowners and a foreclosure process that works.  Among the localities with new rules he finds troublesome: Washington, D.C. with a mediation law that can extend the foreclosure timeframe by up to 132 days; Worcester, Mass., with an ordinance requiring a $5,000 bond at the time of foreclosure to ensure maintenance of the property involved; and, in Nevada, a law that makes owners of foreclosed properties pay legal fees of homeowners associations that want any unpaid dues …
  • WASHINGTON (3/21/12)--The Federal Deposit Insurance Corp. (FDIC) Tuesday approved two Notices of Proposed Rulemaking (NPR).  One would make limited clarifications and definitional changes to the deposit insurance assessment system for FDIC-insured depository institutions with more than $10 billion of assets.  The proposed rule, according to the FDIC, would fine tune the large-bank assessment system by amending the definitions of leveraged loans and subprime loans used to identify concentrations in higher-risk assets.  The agency noted there were 107 institutions with more than $10 billion in assets, as of Dec. 31, 2011. The other FDIC action would implement a section of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which allows the FDIC, as receiver for a failed systemically important financial institution to enforce and prevent termination of contracts of the institution's subsidiaries or affiliates …


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