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Inside Washington (06/05/2008)
*WASHINGTON (6/6/08)--The Federal Reserve Board on Thursday announced its approval of the notice of Bank of America Corporation, Charlotte, N.C., to acquire Countrywide Financial Corporation ("Countrywide"), Calabasas, Calif., and thereby indirectly acquire Countrywide Bank, FSB, Alexandria, Va., and certain other nonbanking subsidiaries of Countrywide… * WASHINGTON (6/6/08)--Presidential candidate John McCain (R-Ariz). is in favor of waiting until the market improves before using government resources to correct it, said Douglas Holtz-Eakin, chief economic adviser to the senator(American Banker June 5). McCain prefers to monitor the situation before taking action, he said. Compared with Sen. Barack Obama (D-Ill.), McCain’s likely competition in the presidential race, McCain’s financial plans for the nation are much less detailed. However, he has said he would be interested in creating a Justice Department task force to look at potential mortgage abuses, and increasing the government’s ability to back student loans ... * WASHINGTON (6/6/08)--A popular Small Business Administration (SBA) pilot program, Community Express, which encourages lending to minorities, veterans and women, is being scaled back. Since Oct. 1, the number of Community Express loans increased 55% from two years ago and was 12% of all 7(a) loans created (American Banker June 5). Community Express is supposed to cap loans at 10% of the 7(a) total. Some of the program’s lenders, like U.S. Bancorp, are cutting back because of the heavy use of the program. Erik Daniels, U.S. Bancorp’s SBA division national sales manager, suggested Community Express increase its caps. Eric Zarnikow, Capital Access associate administrator, said Capital Express is not planning to increase its limits ...


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