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Inside Washington (05/02/2008)
* WASHINGTON (5/5/08)--A vote on a bill that would call for the overhaul of regulation on government-sponsored enterprises (GSEs) was delayed Thursday. The bill was scheduled to be voted on Tuesday (American Banker May 2). Senate Banking Committee Chairman Christopher Dodd (D-Conn.) sent a draft of the bill to Sen. Richard Shelby (R-Ala.) Thursday, but the vote was cancelled. The cancellation also pushes back a separate measure to help borrowers who can’t afford to pay their mortgages on properties worth more than they owe. Shelby is expected to continue working with Dodd to reach a bipartisan consensus on GSE issues ... * WASHINGTON (5/5/08)--Banking industry representatives are working toward legally challenging an agreement Fannie Mae and Freddie Mac made with New York Attorney General Andrew Cuomo (American Banker May 2). The agreement would create new appraisal standards for the enterprises, and in the process of doing so, would violate the Financial Institutions Reform Recovery and Enforcement Act, representatives argued in a comment letter. The Office of Thrift Supervision called the agreement flawed and encouraged the enterprises and the Office of Housing Enterprise Oversight to reconsider. Cuomo has said much of the feedback received on the agreement has been positive ... * WASHINGTON (5/5/08)--Many of the problems from last year’s subprime mortgage debacle have dissipated, Federal Deposit Insurance Corp. Chairman Sheila Bair said Thursday. Bair was a guest on CNBC’s “Squawk Box” (American Banker May 2). The country is likely to continue seeing challenges regarding credit quality, but Bair said she couldn’t predict what would happen next. Last week, Bair proposed a plan that would allow the Treasury to lend to borrowers facing foreclosure, which would let services write down some loans up to 20% ... * WASHINGTON (5/5/08)--Sixteen North Carolina credit union representatives hiked Capitol Hill last week to meet with congressional members. The timing of the meetings with legislators and the debate in the House over the Credit Union Regulatory Relief Act (CURRA) was a coincidence, said Dan Schline, North Carolina Credit Union League senior vice president of association services (Weekly Update May 2). “It adds a real layer of urgency to be able to walk the halls of Congress to make the case for legislation,” he said. On Thursday, Sen. Joseph Lieberman (I-Conn.) introduced the Credit Union Regulatory Improvements Act (CURIA) in the Senate. Credit union representatives from New York, New Jersey, Rhode Island and the Mid-America Credit Union Association will hike the Hill May 13-14. Representatives from Texas and South Carolina will hike the Hill May 20-22 ...


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