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Inside Washington (08/29/2011)
* WASHINGTON (8/30/11)--The Government National Mortgage Association announced Friday it will expand the parameters for loans to be repurchased from its trusts. They will include loans that have successfully completed a three-month trial payment period. The move was made to support the loss mitigation efforts of the Department of Veterans Affairs, Rural Development, and the Office of Public and Indian Housing, Ginnie Mae said. Modified loans that have successfully completed the modification process according to the insuring agencies’ requirements and have been permanently modified may be re-pooled. To be eligible for re-pooling, the permanently modified loan must be current as of the issuance date of the related security … * WASHINGTON (8/30/11)--The Federal Reserve Board will hold three public meetings on Capital One proposed acquisition of ING Direct, the Fed announced Friday. The Fed also announced that it is extending the period for public comment on the proposal through Oct. 12. The meetings will be held Sept. 20 in Washington, D.C., Sept. 27 in Chicago, and Oct. 5 in San Francisco. Lawmakers, including Rep. Barney Frank (D-Mass.), the lead Democrat on the House Financial Services Committee, had called for further exploration of the deal, which consumer advocates say could create another large bank whose failure could disrupt the financial system (News Now Aug. 19.) The original comment period expired Aug. 22 … * WASHINGTON (8/30/11)--A new Federal Reserve Board report disputes the claim that federal housing policy, embodied by the Community Reinvestment Act (CRA) and the affordable housing goals of the government sponsored enterprises (GSEs), may have caused the subprime crisis. The report, “The Subprime Crisis: Is Government Housing Policy to Blame?” was written by senior Fed economists Robert B. Avery and Kenneth P. Brevoort. “We find little evidence that either the CRA or the GSE goals played a significant role in the subprime crisis,” the report says. “Our lender tests indicate that areas disproportionately served by lenders covered by the CRA experienced lower delinquency rates and less risky lending. Similarly, the threshold tests show no evidence that either program had a significantly negative effect on outcomes.” Researchers compared mortgages between CRA-covered and non-CRA-covered institutions. It also compared certain geographic areas known to benefit from the CRA and GSEs housing goals with other areas. In both tests, no link was found between the two initiatives and higher proportions of troubled loans … * WASHINGTON (8/30/11)--New York Attorney General Eric Schneiderman has been removed from the negotiations by several states’ attorneys general with the largest mortgage servicers, raising doubts about a possible settlement. Andrew Sandler, a partner with BuckleySandler LLP, said state attorneys general are split in the negotiations American Banker Aug. 29). Without New York--and possibly other states not participating in a settlement--any deal has considerably less value to servicers, Sandler said. New York was among the states particularly hard hit by foreclosures. Any settlement that does not include New York would likely be much lower. The attorneys general are already considering settlement options that do not include New York …


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