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Washington
Inside Washington (04/10/2008)
* WASHINGTON (4/11/08)--Republicans appeared to be concerned about providing any more government bailouts to help the housing crisis at a hearing Wednesday. The hearing was intended to gather feedback on Rep. Barney Frank’s (D-Mass.) plan to write down mortgages for borrowers who can’t afford them, but the Federal Housing Administration (FHA) offered another idea--expanding FHA Secure (American Banker April 10). The plan would allow delinquent borrowers with adjustable-rate mortgages to qualify for assistance and would include a risk-based premium program subjecting borrowers with bad credit to higher rates. The higher rates would fund the program, and lenders could write down the principal with a range of 90% to 97%, said FHA Commissioner Brian Montgomery. A down payment assistance fund would also be dropped because it has drained the FHA’s fund. The administration’s plan was supported by some Republicans, and Frank pointed out its similarities with his own plan ... * WASHINGTON (4/11/08)--The House Financial Services subcommittee on capital markets, insurance, and government sponsored enterprises has scheduled its third in a series of hearings on insurance regulatory reform. On Wednesday, Rep. Paul Kanjorski’s (D-Pa.) subcommittee will hear from two panels of witnesses representing government and private entities. The hearing is intended to examine a variety of proposals to address insurance regulatory reform …


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