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News Now

Washington
Inside Washington (02/06/2008)
* WASHINGTON (2/7/08)--Robert Steel, Treasury undersecretary for domestic finance, expressed that he would be open to expanding the Hope Now alliance mandate if the interest-rate freezes do not help enough subprime borrowers with adjustable-rate mortgages (American Banker Feb. 6). Steel answered questions regarding the alliance during an American Securitization Forum conference in Las Vegas Tuesday and indicated the Treasury may consider additional foreclosure prevention … * WASHINGTON (2/7/08)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) was expected to meet with Federal Reserve Board Chairman Ben Bernanke yesterday to discuss the foreclosure crisis (American Banker Feb. 6). Dodd met with Treasury Secretary Henry Paulson Jan. 25 to discuss similar topics, and is scheduled to meet today with Federal Deposit Insurance Corp. Chairman Sheila Bair today regarding commercial ownership of industrial loan companies … * WASHINGTON (2/7/08)--Thirty small banks have been chosen by the Federal Deposit Insurance Corp. for a two-year pilot project regarding small-dollar lending products. The study aims to identify replicable small-dollar loan products can be used as payday loan alternatives. Participation in the study is voluntary. Best practices will be used as a resource for other financial institutions …


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