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Inside Washington (01/22/2008)
* WASHINGTON (1/23/08)--Although Federal Housing Administration and mortgage reform legislation is a priority for the Bush administration, it will not likely be a part of an economic stimulus plan Congress is working on, Treasury Secretary Henry Paulson said Friday (American Banker Jan. 22). The administration is working to help the economy more broadly in light of the housing price decline, he said. Sen. Charles Schumer (D-N.Y.) confirmed that the Bush administration supports increasing Fannie Mae’s and Freddie Mac’s loan limits temporarily, but not without comprehensive reform, he said. Paulson may support raising loan limits without comprehensive reform, but “it’s not worth slowing down the package,” Schumer said ... * WASHINGTON (1/23/08)--House Oversight and Government Reform Committee Chairman Henry Waxman is asking former chief executives of Citigroup Inc., Merrill Lynch and Co., and Countrywide Financial Corp. to justify their compensation at a Feb. 7 hearing (American Banker Jan. 22). Waxman charges that the executives pocketed large sums while the companies they ran lost money. None of the witnesses have agreed to show at the hearing. The executives include Charles Prince, E. Stanley O’Neal and Angelo Mozilo, respectively ... * WASHINGTON (1/23/08)--The U.S. Supreme Court Tuesday rejected an appeal for a $40 billion lawsuit brought against Wall Street firms that engaged in business with Enron Corp. The appeal rejection comes shortly after the Stoneridge ruling, which asserted that third parties are not liable for securities fraud unless they were involved with making investment decisions (The Wall Street Journal Jan. 22). Lower courts, using the Stoneridge precedent, will decide if the Enron case should be revived. The involved firms include Merrill Lynch and Co., Credit Suisse Group, Barclays PLC and Pershing LLC ... * WASHINGTON (1/23/08)—The Federal Deposit Insurance Corp. (FDIC) Tuesday named two long-time agency staffers to senior positions within its division of supervision and consumer protection. Robert W. Mooney, who joined the FDIC in 1989, was named deputy director for consumer protection and community affairs. Kathleen G. Nagle, who has 33 years of experience in the consumer protection field, was named associate director for consumer protection … * WASHINGTON (1/23/08)--National Credit Union Administration Board Chairman JoAnn Johnson highlighted the importance of financial education while volunteering at an elementary school branch of State Department FCU in Alexandria, Va., on Martin Luther King Jr. Day. She commended the credit union and other credit unions for their commitment to financial literacy. “[Volunteering] is a higher calling and for credit unions, it comes naturally,” she said ...


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