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Inside Washington (09/04/2012)
  • WASHINGTON (9/5/12)--The U.S. Treasury's Community Development Financial Institutions (CDFI) Fund has announced the deadline for New Market Tax Credit (NMTC) program applications, which is scheduled to pass on Sept. 12, may be extended for some entities impacted by Hurricane Isaac. NMTC applicants that are located in a Federal Emergency Management Agency-declared disaster area or are being impacted by disaster conditions in nearby areas may be eligible for a due date extension, the CDFI Fund said. Credit unions are among those eligible to participate in the NMTC, which seeks to spur the investment of new private sector capital into low-income communities. The CDFI Fund has said it plans to make up to $5 billion in tax credits available during the 2012 round of the NMTC, pending authorization by the U.S. Congress …
  • WASHINGTON (9/5/12)--Loan guarantee fees charged by government-sponsored entities Fannie Mae and Freddie Mac will be increased by 10 basis points (bp), the Federal Housing Finance Agency  (FHFA) announced last week. The FHFA said the fee increase is a bid to increase private-sector involvement in the secondary mortgage market. The 10 bp increase would bring the average loan guarantee fee to 38 bp. FHFA Acting Director Edward J. DeMarco said the fee increase will move the GSEs "closer to the level one might expect to see if more credit risk was borne solely by private capital." The FHFA said the increase will take effect on Dec. 1 for loans exchanged for mortgage-backed securities. The increase will take effect on Nov. 1 for loans sold for cash. The GSEs will work with lenders to implement the changes …
  • WASHINGTON (9/5/12)--Although it appears the Treasury department will not pursue litigation against most of the nine failed banks it has investigated since 2007 for possible criminal conduct that contributed to their failures, other agencies could bring civil charges or levy fines against former officers and directors, an outside lawyer told American Banker (Sept. 4). Treasury did not file charges against any of the banks, due to a lack of evidence. The Federal Deposit Insurance Corp. did file a lawsuit in the U.S. District Court for the Northern District of Georgia against former bank directors of Silverton Bank in Atlanta in August 2011. The failed banks could face investigation from other regulators, said Larry Kaplan, a lawyer at Paul Hastings …


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