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Inside Washington (10/21/2010)
* WASHINGTON (10/22/10)--The Federal Reserve Board released a study Oct. 19 outlining eight recommendations regulators should use as they jointly draft risk-retention regulations over the next six months. (American Banker Oct. 21). The new rules would require lenders to retain some risk before selling loans into the secondary market. The recommendations included: considering the potential effect of risk retention on smaller institutions, weighing the different asset classes and securitization structures, and considering the relevant accounting treatment and regulatory requirements as they apply to retention. The study noted that the Fed believes the risk-retention rules should be flexible and that regulators should not enact one-size-fits-all rules that cover all asset classes that fall under the new Dodd-Frank Act restrictions. The Federal Reserve Board and the Federal Deposit Insurance Corp. will hold a two-day symposium on Oct. 25 and Oct. 26 on mortgages and the future of housing finance... * WASHINGTON (10/22/10)--Housing and Urban Development Secretary Shaun Donovan announced that a four-month review by his department has found "significant differences" in the performance of servicers, but not enough for foreclosure errors to be considered a "systemic" issue, said American Banker (Oct. 21). “We will follow up vigilantly on the potential noncompliance that we have found, and I want to be clear that we will demand that servicers take actions as required by FHA to do everything they can to keep borrowers in their homes,” Donovan said… * WASHINGTON (10/22/10)--In light of the beating the Deposit Insurance Fund took during the financial crisis, the Federal Deposit Insurance Corp. (FDIC) plans to raise its target ratio of reserves to insured deposits to 2%, 65 basis points above the statutory minimum. ( American Banker Oct. 20.). The move was designed to ensure that the fund does not go broke again if another banking crisis arises. FDIC officials said the fund would not reach the 2% threshold until 2027, at the earliest, based on projected assessment rates… *WASHINGTON (10/22/10)--In the Federal Deposit Insurance Corp. (FDIC) assessment plan released on Oct. 19, the agency canceled a planned to raise premiums by three basis points in 2011, noting that the U.S. Congress had allowed it more time to rebuild the battered fund and projected losses from bank failures had dropped, said American Banker (Oct.20). FDIC officials said they will seek to reduce over time the 12 to 16 basis points most banks now pay and settle at a small, steady premium…


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