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Inside Washington (10/11/2010)
* WASHINGTON (10/12/10)--Sen. Tim Johnson (R-S.D.), who is expected to be chairman of the Senate Banking Committee after Christopher Dodd (D-Conn.) retires, said that he plans to “cautiously” reform housing finance, said American Banker (Oct. 8). Johnson told the publication that he is planning hearings to look at different housing finance models in other countries. Any legislation, however, would need a wide consensus for approval, he said. Johnson is expected to take a more moderate approach to banking than Dodd. South Dakota is home to many community banks and Citigroup credit card operations. Johnson voted against credit card reform, which was approved last year. He supported federal preemption for national banks, which was an amendment by Sen. Tom Carper (D-Del.) in the regulatory reform bill ... * WASHINGTON (10/12/10)--Senate Majority Leader Harry Reid (D-Nev.) welcomed a decision by Bank of America to suspend foreclosures in all states. Reid wrote a letter to Nevada’s mortgage-servicing divisions of Bank of America, JP Morgan Chase, Wells Fargo and Ally, asking them to suspend foreclosures until reports regarding improper actions are resolved. “It is only fair to Nevada home owners to suspend foreclosures until a thorough review of foreclosure processes is completed and home owners can be assured that their documents are being analyzed properly,” Reid said on his website ... * WASHINGTON (10/12/10)--President Barack Obama will not sign a foreclosure notarization bill, according to White House Press Secretary Robert Gibbs (American Banker Oct. 8). Obama is not planning to sign because of foreclosure proceeding problems, Gibbs said. The president will exercise a pocket veto, sending the measure back to Congress to iron out some “unintended consequences” of the bill. The measure, the Interstate Recognition of Notarization Act, by Rep. Robert Aderholt (R-Ala.), was approved by the Senate in September and the House in April ...


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