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Home | News | Government

Watt Scheduled to Testify Before House Financial Services Committee on Tuesday

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Federal Housing Finance Agency (FHFA) Director Mel Watt is scheduled to testify before the House Financial Services Committee on Tuesday in a hearing entitled "Sustainable Housing Finance: An Update from the Director of the Federal Housing Finance Agency." In his testimony, Watt is expected to defend last month's decision to lift the suspension of the allocation of Fannie Mae and Freddie Mac funds into the Housing Trust Fund and the Capital Magnet Fund. The suspension was enacted in November 2008, two months after the government seized control of Fannie Mae and Freddie Mac.

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Florida Man Receives 21-Month Prison Sentence for Fraud

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A Florida man has been sentenced to 21 months in federal prison for a fraud scheme perpetrated against businesses and individuals seeking lines of credit, according to an announcement on Friday from Christy Romero, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

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Castro Expresses Optimism, Addresses Challenges Facing Housing in ‘Fireside Chat’

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Castro based his optimism on what he called a "confluence of factors" he believes will encourage more potential homebuyers to take the plunge this year, including a leveling off in home prices, lower entry barriers to mortgage credit, and falling costs—helped by an imminent reduction in Federal Housing Administration (FHA) annual mortgage insurance premiums and the Federal Housing Finance Agency's (FHFA) directive for Fannie and Freddie to accept mortgages with lower down payments.

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Obama Stresses Nation’s Economic Growth in State of the Union Address

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"The shadow of crisis has passed, and the state of the union is strong," the president said early in his speech. The nation has experienced "the fastest economic growth in over a decade, our deficits cut by two-thirds, a stock market that has doubled, and health care inflation at its lowest rate in fifty years," Obama said. Obama touted the past year as "a breakthrough year for America" as job growth outpaced any year since 1999 and unemployment fell below pre-crisis levels.

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