August 18, 2008

Some See Too Few Failures

Are banks failing at too slow a pace? The idea that we are going to have a lot of bank failures in the next few years, so we ought to get them out of the way quickly seems to be taking root in some quarters.

Foreclosure Pressures Mount

Congress is pressuring the mortgage industry to hold off on foreclosures pending the startup of the FHA “Hope for Homeowners” refinance program.

HUD Settles RESPA Case

HUD continues its crackdown on kickbacks.

Cuomo Continues Auction-Rate Securities Campaign

New York Attorney General Andrew Cuomo has warned the banks and securities firms that his investigation into their sale of auction-rate securities will continue.

Big Banks Tighten Standards

The nation’s largest banks have tightened their lending standards in all major loan categories in the past three months, the Fed reports.

Briefs, August 18 — 22, 2008

• Old Hickory
• Regulation S
• Auction Results

Quote of the Week, August 18 — 22, 2008

 

August 11, 2008

FOMC Caught in a Bad Spot

The FOMC could have justified raising rates to head off inflation or lowering them to strengthen an anemic economy. In fact, it held rates steady.

Cuomo, Citigroup Settle Auction Rate Securities Case

Auction rate securities are Wall Street’s latest troubled products. Citigroup settles a complaint about its marketing practices.

Freddie Mac Problems Continue

Freddie Mac reported an $821 million loss in the second quarter.

Exam Procedures Set for Service Member Loans

The FFIEC has issued examination procedures for compliance with rules governing loans to service members.

Law Codifies Student Loan Protections

Congress recently enacted a law that parallels the Code of Conduct that New York Attorney General Andrew Cuomo developed after his investigation of the student loan industry.

ABA Resists New FCA Powers

The bankers’ trade group has filed a comment letter opposing legislation giving FCA new investment powers.

Briefs, August 11 — 15, 2008

• Wall Street Reforms Proposed
• FDIC Adopts Rules for QFCs
• Directors’ Workshops Slated
• Fed Governor Sworn In
• Year’s Eighth Bank Failure

Quote of the Week, August 11 — 15, 2008

 

August 04, 2008

President Signs Recovery Act

President Bush showed his disdain for much of the emergency housing and economic recovery law by foregoing any formal ceremony and signing the measure at 7:00 a.m.

Frank Wants Foreclosure Moratorium

The Chairman of the House Financial Services Committee wants lenders to refrain from foreclosures until the mortgage relief law takes effect in October. If lenders don’t go along, he warns, he can restructure the industry by legislation.

SEC Extends Naked Short Sale Rule

The SEC extended to Aug. 12 its order to bar naked short selling in the securities of financial institutions to which the Federal Reserve has granted temporary access to liquidity facilities on an emergency basis.

FASB Grants More Time

Under pressure from legislators, federal regulators, big banks, and auditors, the FASB postponed for a year a proposed accounting rule that would force banks to put more of their assets on their balance sheets.

Treasury Boosts Covered Bonds

Hoping to spur new housing finance techniques, the Treasury Department has issued “Best Practices for Residential Covered Bonds.”

HOPE NOW Releases New Numbers

Lenders are helping troubled borrowers at a record pace, HOPE NOW says.

Briefs, August 4 — 8, 2008

• Attention-Getting Penalty
• Fed Extends Credit Facilities
• Basel Report
• Credit Card Practices

Quote of the Week, August 4 — 8, 2008

 

July 25, 2008

Congress Finishing Work on Housing Bill

The President’s veto threat proves hollow as the House sends the huge housing relief bill to the Senate for final action.

Reich Sees Need to Restore Confidence

OTS Director John Reich has outlined steps that are necessary to restore confidence in financial institutions.