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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.

Duke Sworn to Federal Reserve Board

Elizabeth Duke, formerly an officer at a Virginia-based community bank, was sworn in as a member of the Federal Reserve’s Board of Governors this morning. According to the Federal Reserve, Duke will take part in the Board’s closed-door deliberations later today, where members are expected to vote to hold key interest rates at their current levels.

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First Priority Closed, Bringing Number of Failed Banks to Eight

First Priority Bank, based in Bradenton, Florida, was closed on Friday by the Florida Office of Financial Regulation, making it the eighth U.S. bank to collapse this year. The Federal Deposit Insurance Corporation announced that it has sold First Priority’s $227 million in insured deposits to SunTrust Bank of Atlanta, Georgia.

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AmeriDream Calls on Supporters to Push for DPA Allowance

Under the Housing and Economic Recovery Act of 2008 (H.R. 3221), seller-funded down payment assistance (DPA), both direct or through a third party, is prohibited, effective October 1. AmeriDream Inc.‘s president Ann Ashburn issued a statement last week calling for supporters of DPA to press Congress and the Department of Housing and Urban Development (HUD) to regulate – not eliminate – down payment assistance.

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UPDATE: Garrett Introduces Equal Treatment for Covered Bonds Act

Rep. Scott Garrett introduced H.R. 6659, the Equal Treatment for Covered Bonds Act, last week on Capitol Hill. According to Garrett, the legislation is aimed to help facilitate a robust covered bonds market in the United States and add liquidity and certainty to the nation’s housing market.

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Maine Taking Steps to Counter Growing Foreclosures with Prevention Workshop

Even as the Federal Reserve enacts new overarching rules to curb the rising number of foreclosures, a growing number of states are themselves taking steps to tackle the problem. Several states have passed, or are currently considering, their own legislation, and some might argue they are tightening the reins even more than the Fed.

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