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Washington
Inside Washington (10/09/2008)
* WASHINGTON (10/10/09)—Rep. Barney Frank (D-Mass.), who heads the House Financial Services Committee, sent a letter to some of the nation’s largest mortgage lenders and servicers urging them to work to avoid initiating foreclosure proceedings by helping troubled borrowers to restructure their loans. He said a recent plan announced by Bank of America Corp. should serve as a model for the kind of action other lenders should take. This week, Bank of America Corp. announced intentions for “mass modifications” of troubled mortgages from lending giant Countrywide Financial Corp., which it took over earlier this year. (American Banker Oct. 9)… * WASHINGTON (10/10/08)--The Treasury Department may take ownership in many U.S. banks to restore faith in the nation’s financial system (The New York Times Oct. 8). The $700 billion bailout bill, passed last week by the House and the Senate, affords the Treasury the authority to put liquidity into banks at institutions’ request. Doing so could strengthen banks’ balance sheets and encourage them to lend, officials said ... * WASHINGTON (10/10/08)--Deposits at banks and thrifts were at $7 trillion, according to summary of deposits data released by the Federal Deposit Insurance Corp. Wednesday. The summary listed the deposits for the period ending June 30. Commercial bank deposits were at $5.9 trillion. Savings institutions deposits were listed at $1.13 trillion ... * WASHINGTON (10/10/08)--Firms are signing up: Vanguard Group Inc., T. Rowe Price Group and Fidelity Investments said they plan to sign up for the Treasury Department’s program to guarantee money market funds (American Banker Oct. 9). The temporary program was set up by the Treasury Department to restore faith in money market funds. The program will insure money market holdings below $1 ...


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