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Washington
Inside Washington (12/07/2009)
* WASHINGTON (12/8/09)--Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said the Fed’s actions to stop the financial crisis exacerbated problems at large companies because creditors of those institutions now expect the government to protect their losses (American Banker Dec. 7). This means they will not monitor the firms’ risk-taking as closely, Plosser said during a policy forum. Plosser said Congress must create a resolution process for large financial companies. The legislation policymakers enact must place pressure on creditors. Plosser’s comments come after Fed Chairman Ben Bernanke defended the central bank’s actions during the financial crisis ... * WASHINGTON (12/8/09)--Creditors oppose a measure that would grant government regulators the ability to unwind systemically risky financial companies. They argue that the existing process is better because creditors can negotiate payments. The process also contains an independent judicial review (American Banker Dec. 7). Creditors also are concerned that the legislation would allow the Federal Deposit Insurance Corp. (FDIC) to decide how creditors of a failed bank are paid. Michael Krimminger, special adviser for policy to the chairman at FDIC, said that although the process could disadvantage creditors, it is a better way to avoid systemic collapse. No large firms have been allowed to fail because nobody has enough confidence in the bankruptcy code to handle it, he said ... * WASHINGTON (12/8/09)--The Treasury Department and the Department of Housing and Urban Development (HUD) launched a campaign to help borrowers in the trial phase of their modified mortgages under the Obama Administration’s Home Affordable Modification Program convert to permanent modifications. HUD and Treasury will implement new outreach tools and borrower resources to help convert as many modifications as possible. The administration also has extended the period for trial modifications started on or before Sept. 1; streamlined the application process; developed new metrics to hold servicers accountable for their performance; and enhanced resources on the MakingHomeAffordable.gov website and the Homeowner’s HOPE Hotline. The conversion drive also will include servicer accountability, web tools for borrowers and engagement of state, local and community stakeholders ...


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