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News Now

Washington
Inside Washington (08/06/2010)
* WASHINGTON (8/9/10)–The Obama administration last week approved $600 million in foreclosure prevention assistance funds that will be used to “support local initiatives to assist struggling homeowners” in states with high unemployment. The funds are targeted to aid areas in North Carolina, Ohio, Oregon, Rhode Island and South Carolina. The funds will be distributed through state housing authorities. State authorities estimated that 50,000 eligible homeowners would receive aid via various programs to address mortgage payment issues. The funds also will be used to facilitate first and second liens, short sales, and/or deeds-in-lieu of foreclosure, according to a U.S. Treasury release … * WASHINGTON (8/9/10)—Christina Romer, who had served as chair of President Barack Obama’s Council of Economic Advisers, announced last week that she would leave the administration, effective Sept. 3. Romer will teach at the University of California, the White House said. Office of Management and Budget Director Peter Orszag left the administration in July … * WASHINGTON (8/9/10)—Representatives from President Barack Obama’s White House have been privately encouraging banks, including Citigroup, Bank of America, Wells Fargo, and JP Morgan Chase to adopt portions of the recently enacted financial regulatory reforms ahead of schedule. One provision the administration is promoting would allow consumers to access their credit scores at no charge if those credit scores will negatively effect their finances, American Banker reported Friday. U.S. Treasury Secretary Tim Geithner said last week that financial institutions should adopt the reform measures early. While many banks were still undecided on whether to participate, President Obama is reportedly hoping to promote their compliance in the coming days, the Banker said …


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