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Author Archives: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

FHFA Approves Rule to Assist with HOPE Refinancing Programs

The Federal Housing Finance Agency (FHFA) sent an interim final rule amending its Affordable Housing Program (AHP) regulation to the Federal Register today. According to an FHFA statement, the changes to the AHP regulation will help preserve homeownership for low- and moderate-income families.

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FDIC Proposes Fee Hike

The Federal Deposit Insurance Corporation (FDIC) announced today that it intends to double the rates banks pay for deposit insurance. The fee hike is part of the agency’s proposed restoration plan to replenish its insurance fund.

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Wachovia, Citi, Wells Agree to Suspend Litigation

The Federal Reserve has negotiated a temporary agreement between Wachovia and its suitors, Citigroup and Wells Fargo, to cease all formal litigation activities. The standstill pact is effective only until noon on Wednesday, October 8, unless otherwise extended by all parties involved, and also calls for the banks to desist from formal discovery activities.

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Treasury Places Help Wanted Ads

In an attempt to answer the first of many questions about how it would carry out the government’s $700 billion rescue plan, the Treasury Department posted solicitations yesterday for financial agents to help implement the Troubled Assets Relief Program (TARP) authorized under the Emergency Economic Stabilization Act (EESA), which was signed into law by President Bush late last Friday.

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BofA Settles Countrywide Lawsuits with $8.4B Loan Modification Program

Bank of America today announced the creation of a home retention program to modify troubled mortgages for nearly 400,000 Countrywide customers nationwide. The program, which represents one of the largest predatory lending settlements in the United States, will provide up to $8.4 billion in interest rate and principal reductions for Countrywide borrowers who financed their homes with subprime or pay option adjustable rate mortgages (ARMs).

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LOGS Network Introduces New Jersey Partner

LOGS Network, a centrally managed organization of attorneys, trustees, title personnel, and collection staff representing the mortgage servicing and consumer credit industries, has announced a new managing partner for its network law firm in the state of New Jersey.

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FHA Launches New Program to Help Lenders Refinance Troubled Loans

The Federal Housing Administration (FHA) rolled out the new Hope for Homeowners (H4H) program on October 1. The program was created as part of the larger Economic Recovery Act of 2008 passed by Congress this summer, and is aimed to help struggling borrowers avoid foreclosure by refinancing into more affordable, sustainable, FHA-insured mortgages.

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Bailout Bill Becomes Law

After more than a week of debate that triggered palpitating market response, Congress has approved H.R. 1424, the Emergency Economic Stabilization Act of 2008 (EESA). Within hours of the House’s 262-171 approval this afternoon, President Bush signed the bill into law.

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