* ALEXANDRIA, Va. (3/25/10)--The National Credit Union Administration is now on Twitter. You can sign up to read agency “tweets,” or short postings, at www.twitter.com. After logging on, select to follow “TheNCUA” … * WASHINGTON (3/25/10)--The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund has decided to take a little more time in its search for qualified individuals to review applications received under the FY 2010 funding round of the new Capital Magnet Fund (CMF). The CMF is a competitive grant program for CDFIs and other nonprofits to attract private capital for development, preservation, rehabilitation, and purchase of affordable housing for low-income families. It is also meant to stir economic development activities or community service, which in conjunction with affordable housing activities may implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area. The CDFI Fund extended to March 31 its deadline for potential reviewers to submit their resume for consideration. Read more here
... * WASHINGTON (3/25/10)—April 13 is the new date for a Senate Permanent Subcommittee on Investigations hearing to examine the causes of the nation’s financial crisis, a session that will focus particularly on what went wrong at Washington Mutual (WaMu). The hearing, "Wall Street and the Financial Crisis: The Role of High Risk Home Loans," was originally set for today. It is meant to target the WaMu failure as a case study of risky loans and their outcome. Former WaMu employees, including ex-president, chief executive and chairman Kerry Killinger, are expected to testify (American Banker
March 24) … * WASHINGTON (3/25/10)—A popular USDA guarantee program is pushing up against its allocation limits and word that the agency could run out of money for its Guaranteed Rural Housing Program is spreading. (American Bnaker
March 24). Interest in and use of the housing guarantee program has increased sharply over the past two years and if it depletes allocate funds, hundreds of lenders and secondary market buyers could feel an impact. If the program runs out of money, either the U.S. Congress could increase its allocation, or lenders could decide to increase upfront premiums on the loans, which would increase the pool of funds available for guarantees. The upfront premium now is 2% ...