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Washington
Inside Washington (05/28/2008)
* WASHINGTON (5/29/08)--The Office of Federal Housing Enterprise Oversight (OFHEO) should withdraw the appraisal standards Fannie Mae and Freddie Mac agreed to in March with New York Attorney General Andrew Cuomo, said Comptroller of the Currency John Dugan in a a letter. The code will undermine the reliability of appraisals, raise mortgage origination costs for lenders, disrupt mortgage appraisal processes, and conflict with federal efforts to restore credit availability and confidence in the housing market, Dugan wrote. The Office of the Comptroller of the Currency thinks that real estate appraisals should be conducted without influence--and this can be achieved with enforcement by federal and state regulators, he said ... * WASHINGTON (5/29/08)--The Federal Reserve Bank of New York announced Tuesday that it launched a pro bono pilot program, Lawyers’ Foreclosure Intervention Network (LFIN), to help distressed homeowners. The program will train lawyers to prevent unnecessary foreclosures in New York City. LFIN is co-sponsored by the City Bar Justice Center, the legal services arm of the New York City Bar. The effort is part of the Federal Reserve’s Homeownership and Mortgage Initiative, a comprehensive strategy across the Federal Reserve System to provide information and outreach to prevent unnecessary foreclosures and to stabilize communities ... * WASHINGTON (5/29/08)--Federal Reserve Gov. Frederic Mishkin will leave his position in August and return to Columbia University in New York (The Wall Street Journal May 28). Mishkin has been on leave from the university’s business school since he was appointed to his position at the Fed in 2006. After Mishkin leaves, there will be four governors out of a possible seven. The Fed has five governors now because of nominations that have been stalled in the Senate. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) also has not scheduled a vote to nominate Gov. Randall Kroszner to a new term. Senate Democrats attempted to negotiate with the Bush administration to temporarily fill the empty spots until a new president is elected. Mishkin’s term expires in 2014 ...


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