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Washington
Inside Washington (08/30/2010)
* WASHINGTON (8/31/10)--The Obama administration will deploy an emergency loan program for the unemployed and a government mortgage refinancing effort to help homeowners after home sales decreased in July. The effort will launch in the next few weeks, said Housing and Urban Development Secretary Shaun Donovan Sunday on CNN (American Banker Aug. 30). Sales of new homes dropped to the lowest level on record. Purchases fell 12% from June, the weakest since data began in 1963. Donovan said it’s too early to determine whether the administration’s $8,000 first-time homebuyer credit tax credit will be revived. The credit expired April 30 ... * WASHINGTON (8/31/10)--Regulators of the Group of 20 (G-20) will meet next month in Switzerland to try and reach an accord on new banking rules that aim to prevent another financial crisis (The Wall Street Journal Aug. 30). Regulators last met July 26. Two large issues remain for the September meeting--size and timing, the newspaper said. Regulators will have to agree on the level of capital needed to cushion against risk. Basel officials suggested 5%, but some countries push for a lower buffer of 4% or 2%. Regulators also must agree on the date by which banks will have to comply with the new rules. Some have suggested 2020 as a good deadline, while others said a shorter time frame would force banks to protect themselves against another crisis. A schedule of about five years likely will be adopted, the newspaper added. The G-20 is planning two meetings in Basel the next few weeks ...


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