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Inside Washington (12/07/2007)
* WASHINGTON (12/10/07)--A loan modification bill by Rep. Mike Castle (R-Del.) could be revised to ease opposition from federal banking regulators, who stated that the bill could trigger problems in the secondary market. Castle stated that he is open to changes, but has not yet decided on how he should proceed. Castle’s legislation would provide protection to loan servicers, who engage in loan modification, from lawsuits. At a House Financial Services Committee hearing, Comptroller of the Currency John Dugan said that Castle’s bill could “create a new field of potential litigation that is more challenging and inhibits loan modification efforts” (American Banker Dec. 7). Sheila Bair, Federal Deposit Insurance Corp. chairman, commented that the bill, if passed in its current form, could be in violation of the Constitution. She also said that she was unsure if the bill is even needed, a statement also supported by House Financial Services Committee Chairman Barney Frank (D-Mass.) … * ALEXANDRIA, Va. (12/10/07)—National Credit Union Administration (NCUA) Vice Chairman Rodney Hood last week said he would “look forward wholeheartedly’ to supporting Michael Fryzel as new chairman of the agency. President George W. Bush announced his intention to nominate Fryzel, an Illinois real estate lawyer and former director of the state's Department of Financial Institutions, to the NCUA board and designate him as chairman. The current chairman’s term expired in August, but JoAnn Johnson said she would remain as the agency’s leader until Fryzel can be nominated and confirmed for the position…


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