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News Now

Washington
Inside Washington (07/23/2010)
* ALEXANDRIA, Va.(7/26/10)--Supervisory activities will be discussed at the National Credit Union Administration’s (NCUA) upcoming closed board meeting, which will take place on Friday at 9 a.m. ET. The NCUA will hold its monthly open meeting, with a closed meeting to follow, on Thursday. Another closed meeting was held last week … * WASHINGTON (7/26/10)--The Federal Deposit Insurance Corp. (FDIC) plans to disclose the individuals and groups that it met with regarding the regulatory reform bill, which was signed into law by President Barack Obama Wednesday. The plan moves beyond current disclosure policies and perceptions that banks will try to weaken provisions of the reform bill as regulators implement its provisions (American Banker July 23). Right now, agencies publish only records of meetings about proposed regulations during a comment period. However, FDIC Chairman Sheila Bair said July 15 that she would develop rulemakings in an transparent manner. The agency’s disclosure plan is similar to the Obama administration’s--the administration has published records of meetings it held with lobbyists about the Troubled Asset Relief Program and economic stimulus measures ... * WASHINGTON (7/26/10)--Recent reports by government and private analysts indicate that mortgage loan servicers are making more loan modifications on their own than through government programs, such as the $50 billion Home Affordable Modification Program (HAMP), which aims to lower borrowers’ mortgage payments for five years. This year, servicers completed more than 800,000 alternative modifications, while HAMP produced 389,198 (USA Today July 23). Several recent reports the newspaper cited indicate that newer modifications have better results, lower monthly payments reduce default rates, redefault rates on modified mortgages remain high and eligibility standards for HAMP modifications are not consistent or clear-cut. Diane Thompson, lawyer at the National Consumer Law Center, said that some of the alternative programs trigger concerns because the interest rates and payments aren’t as low as HAMP. Under HAMP, servicers must reduce mortgages to 31% of borrowers’ monthly incomes. If borrowers make payments for three months, the modified mortgage is good for five years. Some alternatives only help borrowers for a few months, the newspaper added ...


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