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Inside Washington (09/17/2010)
* WASHINGTON (9/20/10)--The Federal Housing Administration (FHA) has proposed dropping the maximum share of a buyer’s closing costs that sellers can pay to 3% from 6%, said American Banker (Sept. 17). The Department of Housing and Urban Development (HUD) has received more than 1,000 comment letters on proposals the FHA has made to beef up its mutual mortgage insurance fund, according to Vicki Bott, HUD deputy assistant secretary for single-family housing. Most have been about the proposal to halve seller concessions, she said. Loans with a high percentage of seller concessions are up to 1.5 times more likely to default, but there are considerations, Bott added. For instance, the proposal could more greatly impact $50,000 loans than $500,000 mortgages, she said ... * WASHINGTON (9/20/10)--The Securities and Exchange Commission (SEC) voted 5-0 to propose rules to heighten disclosure connected to some banks’ practice of curtailing debt at the end of a quarter (The Wall Street Journal Sept. 17). Under the proposal, all companies would have to disclose more about their short-term borrowings quarterly and annually. Banks already must disclose their debt levels annually, but the proposal would take the disclosure a step further by requiring companies to disclose debt levels and average and maximum short-term borrowing at the end of a quarter. Financial institutions, including hedge funds, broker-leaders and any lender would have stricter requirements ...


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