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Inside Washington (02/14/2011)
* WASHINGTON (2/15/11)--Federal Reserve Gov. Sarah Bloom Raskin said Friday that the mortgage servicing issues plaguing the housing market remain unaddressed, and must be overhauled before the market will rebound. Deficiencies in how loans are serviced are impairing the mortgage markets and diminishing “overall accountability to homeowners,” she said. Late last year, the federal banking agencies began a targeted review of loan servicing practices at large financial institutions that had significant market concentrations in mortgage servicing, Bloom Raskin told a Utah housing conference. “The preliminary results from this review indicate that widespread weaknesses exist in the servicing industry,” she said, adding that bank holding companies should be accountable for the actions of their servicing units. “For those servicers who are subsidiaries or affiliates of a broader parent financial institution, the responsibility for change and further investment absolutely extends up to that parent company, many of which have enjoyed substantial profits while their servicing arms have been run on the cheap,” Bloom Raskin said. She also called for strong corporate governance procedures for servicers, and a stronger effort by regulators in policing servicers … * WASHINGTON (2/15/11)--The Federal Deposit Insurance Corp. (FDIC) announced the hiring of additional leadership staff for the Office of Complex Financial Institutions (CFI) and the Division of Depositor and Consumer Protection (DCP). The FDIC Board of Directors approved establishing the two new organizations in August to carry out its responsibilities as outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act. CFI will monitor and address risks in the largest, systemically important financial institutions. DCP will oversee depositor and consumer protection programs. Two appointments were named in the large-firm division. Jason Cave, currently a deputy to FDIC Chairman Sheila Bair, will be services deputy director for the CFI. Mary Patricia Azevedo, an international affairs expert and associate general counsel at The Western Union Co., will become deputy director for international coordination. Three positions were announced in DCP. Sylvia Plunkett, who has 32 years’ of experience with FDIC, will become senior deputy director for compliance and Community Reinvestment Act examinations. Jonathan Miller, a senior staffer for the Senate Banking Committee, will become deputy director for policy and research. Keith Ernst, a research director at the Center for Responsible Lending, will serve as associate director for consumer research and examination support …


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