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Washington
Inside Washington (07/08/2010)
* WASHINGTON (7/9/10)--West Virginia Gov. Joe Manchin III said Wednesday he would seek a special election to fill a vacant seat in the U.S. Senate left by Sen. Robert Byrd (D-W.Va.), who died last week. Manchin said he would like the election to be held in November. Last week, the West Virginia Secretary of State Natalie Tennant said an appointment to temporarily fill the seat is required, and an election cannot be held until November 2012 (American Banker July 8). Byrd’s death leaves Democrats two votes shy of 60 votes needed to pass the regulatory reform bill ... * WASHINGTON (7/9/10)--Comptroller of the Currency John Dugan notified President Barack Obama Thursday that he plans to leave office Aug. 14 as his five-year term closes. Dugan noted that the condition of the national banking system has improved and it seems likely that failed and failing national banks will be resolved without taxpayer losses. It also seems likely the government will earn a “substantial profit” from the temporary assistance it provided to national banks during the financial crisis, Dugan added ... * WASHINGTON (7/9/10)--The Federal Deposit Insurance Corp. (FDIC) will discuss a proposed information-sharing agreement among regulators at its board meeting on Monday. Regulators are required to share more data as part of the regulatory reform bill, which has passed the House (American Banker July 8) ... * WASHINGTON (7/9/10)--Regulators in Washington, D.C., need to clarify future rulemaking that will take place as a part of the regulatory reform bill, said Richard Fisher, president of the Federal Reserve Bank of Dallas, on Wednesday (American Banker July 8.) In an interview with CNBC, he said that there is “too much confusion about what’s going forward” so some people are “hoarding cash” and refraining from hiring ... * WASHINGTON (7/9/10)--The average total “g-fee”--guarantee fee--charged by Fannie Mae and Freddie Mac on single-family mortgages fell in 2009 to 22 basis points from 25 basis points in 2008, said the Federal Housing Finance Agency (FHFA). FHFA’s second annual report on guarantee fees concluded that the decline in total guarantee fees charged by Fannie and Freddie in 2009 resulted from significant improvement in the credit profile of the single-family mortgages they acquired relative to 2008. For mortgages acquired in 2009, Fannie and Freddie set the g-fees at levels sufficient to cover expected costs and to provide a modest capital return. The exception are loans originated under the Home Affordable Refinance Program, which offers the enterprises reduced credit exposure ...


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