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Washington
Inside Washington (02/20/2008)
* WASHINGTON (2/21/08)--Former depositors of Superior Bank, Hinsdale, Ill., were shut down by the U.S. Supreme Court Tuesday as they tried to reclaim losses they said the bank paid unfairly to shareholders. The court refused to hear the case, which depositors brought against the Pritzker family, a co-owner of the bank, and entitites such as the Federal Deposit Insurance Corp. The court’s decision not to hear the case upholds a decision an appeals court made last May in which plaintiffs were denied $20 million of the $31 million owed to the Pritzers after the bank went under in 2001 ... * WASHINGTON (2/21/08)--Lawmakers wrote a letter to Treasury Secretary Henry Paulson and Secretary of Education Margaret Spellings Friday urging them to ensure the liquidity of student loans available under the Federal Family Education Loan Program (FFELP). The lawmakers said they are concerned that lenders facing liquidity problems because of the credit crisis could affect long-term education financing. Nearly $60 billion in new FFELP loans will be needed for 6.7 million borrowers for the next school year. There have been several reports of lenders leaving FFELP because of the loans’ thin margins. College Loan Corp., one of the largest FFELP lenders, announced it will no longer participate in the program, the letter said ... * WASHINGTON (2/21/08--The Government Accountability Office (GAO) this week released its second of two reports that examines leveraging as it relates to federal housing and community and economic development programs. The report looks at the following programs: the Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG), HOME Investment Partnerships (HOME), and HOPE VI programs; and the Treasury Department’s Community Development Financial Institutions (CDFI) Financial Assistance, Low-Income Housing Tax Credit, and New Markets Tax Credit programs. Specifically, the GAO said in a summary, the report examines the leverage measures HUD and Treasury reported for the selected housing and community and economic development programs, and the transparency of the data and methods used to calculate them. Also, the report studied the relevance of leverage measures in assessing the performance of the selected programs. The report also provided examples of how federal funds have been leveraged in the selected programs …


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