CRE has completed its review of the transfer fee issue and has submitted its findings to FHFA. The CRE report is attached hereto.
CRE’s recommendations are based upon an extensive review of the many comments it received on the Interactive Public Docket dedicated to this subject matter. CRE expresses its appreciation to the many stakeholders who participated in this review.
By Lori Montgomery
Washington Post Staff Writer
Tuesday, January 18, 2011; 3:04 PM
From: CNBC
On Friday, Federal Reserve Chairman Ben Bernanke dismissed the possibility that the central bank would intervene in the municipal credit markets.
In testimony before the Senate Budget Committee Bernanke said: “We have no expectation or intention to get involved in state and local finance.” He later said that states “should not expect loans from the Fed.”
The comes according to a story in Friday’s Wall Street Journal.
According to the Journal, the rationale for the policy of nonintervention is the following:
(Reuters) – A torrent of new rules for Wall Street and U.S. banks is pouring off Capitol Hill into the federal regulatory agencies, unleashed by the devastating 2008-2009 financial crisis.
The agencies are where the action will be this year and next as regulators, lobbyists and lawmakers struggle to implement the Dodd-Frank financial reforms.
With parallel efforts under way in Europe, Dodd-Frank is likely to be implemented as written, though banks are lobbying for softening parts of it to protect their profits and business models.
Here’s what lies ahead in 2011: