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Inside Washington (05/30/2008)
* WASHINGTON (6/2/08)--Investment banks need greater oversight, said Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair. In an interview last week, Bair suggested that Congress devise a system to close an investment bank in an orderly fashion should it become insolvent (American Banker May 30). The FDIC’s ability to create bridge banks to take over and sell assets of failed lenders is a “good model” to help investment banks, she said. If investment banks can access Federal Reserve loans, regulators should be able to watch over how the banks manage risk, she added ... * WASHINGTON (6/2/08)--A new study from the Urban Institute indicates that consumer confusion about the home buying process often leads to higher closing costs. The study found significant disparities in closing costs even when it compared borrowers with identical credit scores, loan terms and mortgage amounts. The study analyzed more than 7,500 mortgages originated in May and June 2001. The Department of Housing and Urban Development (HUD) is proposing to improve disclosures of the loan terms and closing costs consumers pay when they buy or refinance a home. HUD also is proposing that all lenders and brokers provide consumers with a standard good faith estimate ...

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