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Washington
Inside Washington (04/24/2008)
* WASHINGTON (4/25/08)--Despite a White House veto threat, the House Financial Services Committee continues to work on the markup of a mortgage relief bill that would refinance new guarantees up to $300 billion for subprime loans (CongressDaily PM April 24). Under the bill, lenders would write down mortgages so borrowers could afford them. The lender would then be compensated by a Federal Housing Administration (FHA) loan, without exposing the borrower to any more credit. The markup will continue next week. The bill is expected to be on the House floor during the first full week of May, according to Credit Union National Association Senior Legislative Representative John Hildreth ... * WASHINGTON (4/25/08)--Mainstream capital markets and community development financial institutions (CDFIs) should work together to improve community development loan offerings, Federal Reserve Board Gov. Randall Kroszner said Monday(Market News International April 25). Information about loan products should be improved, and risk and pricing models should be developed. Contracts also should be standardized, he added. CDFIs will have to locate new funding because of tight budgets--but the Community Reinvestment Fund could help, as it has helped create a market for community loans ... * WASHINGTON (4/25/08)--The Office of the Comptroller of the Currency (OCC) published a final rule yesterday to reduce unnecessary regulatory burden, and revise and update various OCC regulations. The rule includes measures that update and revise the qualifying standards and after-the-fact notice procedures that apply to national bank operating subsidiaries. It also expands the list of operating subsidiary activities that are permissible upon filing an after-the-fact notice ...


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