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Inside Washington (06/18/2010)
* WASHINGTON (6/21/10)--The Federal Housing Administration (FHA) is looking for outside help to prevent defaults in its single-family mortgage portfolio, which is worth $760 billion. FHA said its loan-level reviews are lacking the detail needed to identify loans that could end up in delinquency, default or foreclosure (American Banker June 18). The agency is planning to hire a third-party contractor to find and repair deficiencies in its systems, and better the agency’s ability to detect fraud and monitor risk. FHA insures 20% to 25% of home loans written today, said the Banker ... * WASHINGTON (6/21/10)--Regulatory reform bill conferees agreed Thursday to scale down a provision sponsored by Sen. Susan Collins (R-Maine) that would eliminate use of trust-preferred securities as Tier 1 capital. Conferees agreed to exempt institutions with less than $500 million in assets and grandfather existing trust-preferreds for some bank holding companies. Senate and House conferees clashed on how to grandfather in the institutions, and it is not clear how the final provision will look. House Financial Services Committee Chairman Barney Frank (D-Mass.) said the House would provide its counter on the measure on Tuesday. Collins’ amendment originally would have treated all holding companies the same and would be effective immediately. The financial services industry raised concerns that the provision might cause some institutions to be considered undercapitalized ...


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