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Inside Washington (11/19/2012)
  • WASHINGTON (11/20/12)--After announcing that the Federal Housing Administration continues to be impacted by losses from mortgages originated prior to 2009, FHA Acting Commissioner Carol Galante Friday outlined a series of steps it will take after an audit discovered a $16.3 billion shortfall in the agency's capital reserves (American Banker Nov. 19). The measures include increased insurance premiums, accelerated short sales and aggressive sales of defaulted loans. The U.S. Department of Housing and Urban Development Friday released its annual report to Congress on the financial condition of the FHA Mutual Mortgage Insurance (MMI) Fund. The independent study found that as the housing market continues to recover, the capital reserve ratio of the MMI Fund used to support FHA's single-family mortgage and reverse mortgage insurance programs fell below zero to -1.44%, which accounts for the $16.3 billion shortfall …
  • WASHINGTON (11/20/12)--To save millions in premium payments, Fannie Mae is seeking alternatives to the dominant carriers in the forced-placed insurance market, the American Banker (Nov. 19) reported Monday. Under a plan submitted to the Federal Housing Agency, Fannie would require banks and other mortgage servicers to replace existing force-placed policies on loans it guarantees with insurance provided by a consortium of carriers offering 30% to 40% discounts. The plan has not been made public. Force-placed insurance is a form of hazard coverage banks buy to protect the properties of buyers who have let their homeowners' insurance lapse …
  • WASHINGTON (11/20/12)--Fifteen million dollars in civil money penalties has been assessed against First Bank of Delaware, Wilmington, Del., for that bank's alleged failure to implement an effective Bank Secrecy Act/anti-money laundering compliance program. The Federal Deposit Insurance Corp. (FDIC) and the Financial Crimes Enforcement Network (FinCEN) announced concurrent regulatory actions against the bank on Monday. The bank also settled civil charges that were brought by the U.S. Department of Justice. In a release, the FDIC and FinCEN said First Bank of Delaware lacked the internal controls needed to detect and report evidence of money laundering and other suspicious activity ...
  • WASHINGTON (11/20/12)--U.S. Secretary of Education Arne Duncan on Monday announced that 500 colleges and universities have committed to using the Consumer Financial Protection Bureau's (CFPB) Financial Aid Shopping Sheet for the 2013-2014 academic year. The CFPB and the Department of Education have worked together to improve how schools communicate financial aid offers to students. "The Shopping Sheet provides a standardized award letter allowing students to easily compare financial aid packages and make informed decisions on where to attend college. Students and their families now have a clear, concise way to see the cost of a particular school," Duncan said …

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