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Washington
Inside Washington (01/04/2008)
* WASHINGTON (1/7/08)--The Nationwide Mortgage Licensing System, which provides license applications and information on mortgage originators, has been launched by state regulators (American Banker Jan. 4). The system was created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The goals of the system are to create a more efficient licensing system, improved consumer protection and better state regulators’ supervision. Individuals and companies can enter their state mortgage license information into the system and use it to apply for other state licenses. Seven states have signed onto the system already, with eight more expected by the end of the year. About 23 other states also have expressed interest. The system is not open to the public yet … * WASHINGTON (1/7/08)--The Federal Reserve will conduct two auctions of 28-day credit through its Term Auction Facility. Each auction will offer $30 billion, scheduled for Jan. 14 and Jan. 28. The minimum bid rate will be announced at noon EST the Friday before each auction, and the results will be announced on Tuesday following each auction. Final settlement will take place on Thursday after each auction. The Fed plans to conduct auctions for as long as necessary to address elevated pressure in short-term funding markets. The Fed held an auction for $20 billion in 28-day credit Dec. 17 (News Now Dec. 17) …


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