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Washington
Inside Washington (04/07/2008)
* HARRISBURG, Pa. (4/8/08)--Rep. Paul Kanjorski (D-Pa.) was commended in a letter written by Jeff DeBree, CEO of Penn East FCU, Scranton, Pa., for speaking out against the Treasury’s plan to revise the U.S. financial system (Life is a Highway April 7). The letter was printed in the Scranton Times.With the support of politicians like Kanjorski, consumers will continue to be served by credit unions, DeBree wrote ... * WASHINGTON (4/8/08)--Sen. Hillary Clinton (D-N.Y.) Friday introduced a bill, the Mortgage Enhancement and Modification Act, which seeks to protect lenders from litigation when they modify their borrowers’ mortgages. The bill is similar to legislation offered by Reps. Mike Castle (R-Del.) and Paul Kanjorski (D-Pa.). It would apply to mortgages for owners still in their homes (American Banker April 7). The legislation also would encourage waiving of prepayment penalties and freezing adjustable-rate mortgage rates ... * WASHINGTON (4/8/08)--Sen. Christopher Dodd (D-Conn.) said Friday that he had to compromise to get both parties to agree to housing stimulus bill, and thus did not add language to allow the Federal Housing Administration (FHA) to back loans worth more than home values (American BankerApril 7). If enacted, the bill may not keep homeowners from foreclosing, he said. The bill could go to a vote today. Dodd said he will work on a FHA rescue plan, with hearings scheduled for Wednesday and Thursday ... * WASHINGTON (4/8/08)--An appellate court Friday dismissed nearly $57 million in costs the Federal Deposit Insurance Corp. (FDIC) could have paid to real estate developer Charles Hurwitz in a 19-year-old case involving the agency and Hurwitz’s company, Maxxam Inc. The court will consider the remaining $15.3 million. Hurwitz called the case a “black eye for the government” (Houston Chronicle April 4). His appellate lawyer, David Beck, said the case indicates that the government should be subject to consequences when it uses powers wrongly. The case stems from a 1995 lawsuit the FDIC and the Office of Thrift Supervision (OTS) filed against Hurwitz when a thrift Maxxam controlled--the United Savings of Texas--collapsed in 1998. Hurwitz countersued, and the OTS case has since been settled ...


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