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Inside Washington (11/06/2009)
* WASHINGTON (11/9/09)--Fannie Mae is awaiting approval from the Treasury Department to sell $2.6 billion in unused low-income housing tax credits. The Treasury is deciding whether to allow Goldman Sachs Group to buy the credits. Fannie entered into an agreement Sept. 30 to sell the credits, according to a filing with the Securities and Exchange Commission (Bloomberg News Nov. 6). The Federal Housing Finance Agency, which regulates Fannie, did not object to the sale. Fannie has garnered about $5.2 billion in tax credits for investing in low-income housing ... * WASHINGTON (11/9/09)--Senate Committee Chairman Christopher Dodd (D-Conn.) is expected to release a regulatory reform bill next week. Few committee members know what the bill contains, but there are likely three points of contention, according to financial observers. They include: creating a consumer protection agency, eliminating federal preemption for national banks and thrifts, and taking away the Federal Reserve Board and Federal Deposit Insurance Corp.’s supervisory powers and consolidating them into a single entity (American Banker Nov. 6). Dodd hopes to have the committee debate on the measure before Thanksgiving, but a vote is not likely to take place until December. If a deal with Republican committee members can’t be reached now, Dodd likely will work to win their support before the bill moves to the Senate, observers added ... * WASHINGTON (11/9/09)--House Financial Services Committee Chairman Barney Frank (D-Mass.) said he would revise a systemic risk reform bill before it moves to a final vote in two weeks (American Banker Nov. 6). Frank said he plans to reduce the Federal Reserve Board’s power and emergency lending authority, remove a provision that would allow the Fed to override other regulators, and eliminate the Federal Deposit Insurance Corp.’s ability to put a systemic firm into conservatorship. Frank also supports making public a list of systemically significant institutions. The debate over the bill began Thursday. The committee approved an amendment by Rep. Carolyn Maloney (D-N.Y.) to require that an interagency systemic risk council consider a company’s leverage and current regulation before it is slated as “systemic” ... * WASHINGTON (11/9/09)--Fannie Mae reported a $18.9 billion loss for the third quarter, according to a company press release. This compares with a loss of $14.8 billion in the second quarter. Third quarter results were due to $22 billion of credit-related expenses. The results reflect the continued building of combined loss reserves and fair-value losses associated with the increasing number of loans acquired from mortgage-backed securities trusts to pursue loan modifications. The loss resulted in a net worth deficit of $15 billion as of Sept. 30, taking into account unrealized gains on available-for-sale securities during the third quarter. The Federal Housing Finance Agency, Fannie’s regulator, has submitted a request for $15 billion from the Treasury Department by Dec. 31 ...


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