From NASDAQ
Elizabeth Warren has been tapped by President Obama as a special adviser to set up the new Consumer Financial Protection Bureau, which was established by the Dodd-Frank financial regulation legislation last summer. Warren, an expert in bankruptcy issues who chaired the congressional panel that monitored the Troubled Asset Relief Program, is coordinating efforts with the seven agencies that currently supervise consumer lending to get the new bureau up and running by July 21.
CRE would like to express its appreciation for the many comments it received on Private Transfer Fees. Subsequent to the CRE review of the public comments it received, CRE prepared a draft recommendation for”Internal Review” attached herewith entitled “CRE Draft Recommendations for Internal Review”.
Two comments in the public record defined the boundaries of the debate, a comment from the Federal Home Loan Bank of New York and the comment of Freehold Capital Partners. CRE sent its draft recommendation to both of the aforementioned parties for comment.
Freehold Capital Partners sent CRE a detailed response set forth in the attachments hereto entitled “Freehold”
Jan Jarvis
Mike Nash expected his monthly health insurance premium to increase a little next year.
But when the 52-year-old Lockheed retiree got a letter saying it was going up 43 percent — from $171 to $244 a month — he couldn’t believe what he was reading.
“This is absolutely outrageous,” said Nash, who lives in Fort Worth.
Earlier in the year, Nash raised his deductible to $3,500 hoping to stave off a jump in the premium for his policy from Blue Cross Blue Shield of Texas. With no chronic medical problems, he couldn’t understand why his rate would go up so much.
RISMEDIA, October 19, 2010 (RISMedia.com) The National Association of Realtors (NAR) strongly supports the proposed guidance from the Federal Housing Finance Agency to prevent government-sponsored enterprises Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks from investing in mortgages encumbered by private transfer fee covenants.
In a letter sent to FHFA, NAR reiterated its opposition to these covenants, which developers often attach to a property to require payment of fees back to that developer each time the property is resold. These covenanted mandates are often extremely difficult to reverse once in place, and in many cases are attached to a deed for up to 99 years.
Editors Note: See yesterday’s Wall Street Journal Opposition to Transfer Fees
The Vermont Housing and Conservation submitted comments to the Federal Home Finance Authority in which VHCB strongly opposed any guidance or rule that limits the use of transfer fees. Since FHFA did not share the background information that indicated that transfer fees needed to be regulated in order to protect the lending industry, VHCB must assume that FHFA does not understand the important state policies that are furthered by such fees. VHCB still believes that this is a state issue and that full disclosure of transfer fees will give mortgage lenders all the information needed to underwrite residential mortagage loans.