CRE Private Transfer Fee Initiative

Oct 24

On Tuesday Oct 26, the Center for Regulatory Effectiveness will launch the CRE Private Transfer Fee Initiative.

 Private Transfer Fees are paid each time a property is sold and are often used for community benefit programs. Private transfer fees have also been used to provide a continual source of income for developers and investors.

 The Federal Home Finance Authority has proposed guidance which would abolish Private Transfer Fees for properties financed by Freddie Mac and Fannie Mae.

 To facilitate public debate on this important public policy issue, CRE has established an Interactive Public Docket (IPD) on Private Transfer Fees, see  http://www.thecre.com/tForum/

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Fannie, Freddie May Draw $363 Billion, FHFA Says

Oct 22

Bloomberg:

Fannie Mae and Freddie Mac, the mortgage-finance companies operating under U.S. conservatorship, could draw a total of $363 billion in Treasury Department aid through 2013 if the housing market worsens, the Federal Housing Finance Agency said.

The FHFA, which oversees the government-sponsored entities, offered the estimate today as the worst-case in an analysis modeled on the stress tests conducted on the nation’s biggest banks last year. The actual total cost to taxpayers under the regulator’s most dire scenario would be $259 billion, because almost 30 percent of the funds would come back to Treasury as dividend payments on its holdings of senior preferred stock.

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FDIC and Fed Announce Future of Housing Finance Event

Oct 20

October 20th, 2010  |  by admin Published in Events, News, Reverse Mortgage

The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System announced a an event to discuss mortgages and the future of housing finance on October 25 and 26, 2010.

The two day event will include opening remarks from the Federal Reserve Board Chairman Ben Bernanke and FDIC Chairman Sheila Bair will be the keynote luncheon speaker.

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Whistleblowers and Dodd-Frank: Is Your Company Protected?

Oct 15
Boardmember.com

by Obiamaka P. Madubuko and Michael Kendall
Under the Dodd-Frank Act, whistleblowers have been given powerful financial incentives to report wrongdoing to the government. They can receive from 10-30% of any recovery over $1,000,000 if they provide the government with original information of the suspected wrongdoing.  Whistleblowers have also been armed with stronger anti-retaliation protections and can now bring a cause of action in federal court if their companies discriminate against them because of a report they filed with the government.

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Could Republicans gut parts of Wall St reform law?

Oct 12

 

By Kevin Drawbaugh

WASHINGTON | Wed Oct 6, 2010 12:42pm EDT

The new Consumer Financial Protection Bureau, as designed under Dodd-Frank, will be an independent unit inside the Federal Reserve, the U.S. central bank. Among its chief missions will be regulating mortgages and credit cards.

Under the law, the Fed will fund the watchdog directly. But some Republicans want to force the consumer bureau to request funding each year from Congress through the appropriations process, giving lawmakers more influence over its scope.

Consumer advocates and other backers of the watchdog fear such a change would make the bureau a political football.

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