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Inside Washington (04/23/2012)
  • WASHINGTON (4/24/12)--The Federal Housing Finance Agency (FHFA) will provide a final answer this month on whether Fannie Mae and Freddie Mac would offer principal reductions as part of a Treasury Department proposal that would use funds from the Troubled Asset Relief Program, FHFA Edward DeMarco, the acting director of the FHFA said. DeMarco indicated that forbearance plans and short sales already serve as forms of principal reduction without saddling taxpayers with further losses. "This is not about some huge difference-making program that will rescue the housing market," Demarco said. "It is a debate about which tools, at the margin, better balance two goals: maximizing assistance to several hundred thousand homeowners while minimizing further cost to all other homeowners and taxpayers" …
  • WASHINGTON (4/24/12)--In recent public remarks, Federal Reserve Chairman Ben Bernanke has emphasized the central bank's focus on maintaining financial stability. In a recent American Banker article (April 23), Margaret Tahyar, a partner at Davis Polk & Wardwell, described financial stability as an "unofficial third goal," along with price stability and unemployment, of the Fed. The emphasis on financial stability appears to have created when Dodd-Frank gave the Fed the task of regulating all systemically important banks and nonbanks. Dodd-Frank law required the Fed to write new rules on, including living wills, capital and liquidity requirements. Karen Shaw Petrou, a managing partner at Federal Financial Analytics Inc., said financial stability will be part of Bernanke's legacy …
  • WASHINGTON (4/24/12)--Effective May 7, the U.S. Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) will be in a new location: 1801 L Street, N.W., 6th Floor, Washington, D.C., 20220. Treasury said the fund will do its best to maintain normal operations during the transition period from May 4 to May 7, but warned some patience might be required of those communicating during this period. Parties sending correspondence to the new address should anticipate slight internal delivery delays and should account for this in timing the delivery of correspondence. Also, the CDFI Fund's new office space is in a secure federal building that requires visitors to be escorted to the office by CDFI Fund staff. Visitors should anticipate short security screening delays as part of the process. Items not affected by the relocation include the submission of electronic applications through Grants.Gov or the myCDFIFund portal; the submission of other electronic reports (e.g. the Allocation Tracking System, the Community Investment Impact System, or through the myCDFIFund portal); or the submission of CDE Certification Applications, which should continue to be submitted to the Bureau of Public Debt. …


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