Home / News / Government (page 621)

Government

PNC Tops Fannie Mae’s List of 2009 Multifamily Originators

Fannie Mae has released the names of its top loan originators of multifamily debt financing for 2009. Pittsburgh-based PNC Financial Services sat at the top of the list. The GSE works with its lender partners to provide debt solutions for all segments of the multifamily market. The GSE invested $19.8 billion in multifamily housing last year.

Read More »

Regulators Seize Seven Community Banks

Soured loans continue to bring down financial institutions in mass. Seven more community banks were shuttered by regulators over the weekend, bringing the total number of FDIC-insured failures to 64 for the year. The latest round of closures targeted banks in Puerto Rico, Michigan, Missouri, and Washington, and will cost the FDIC more than $7 billion.

Read More »

Colorado Governor Signs Law to Fast-Track Sales of Foreclosed Homes

Colorado lawmakers are hoping to mitigate the effects widespread foreclosures are having on local communities in the state. This week, Gov. Bill Ritter signed into law a bill that he says will secure neighborhoods against abandoned properties that have fallen into foreclosure by cutting in half the minimum time frame for a foreclosure sale, as mandated by the state.

Read More »

Seth Wheeler Resigns From the Treasury Department

After two-and-a-half years, Seth Wheeler is resigning from his post as senior advisor for the U.S. Treasury Department. Wheeler, originally hired under former Treasury Secretary Henry Paulson, was a key architect in the administration's Home Affordable Modification Program.

Read More »

Geithner Assails HAMP Servicers in Speech to Senators

Treasury Secretary Timothy Geithner says servicers are failing in their efforts to modify loans. Geithner told a Senate subcommittee that his office has received ""countless frustrated phone calls"" from borrowers, and is troubled by reports that servicers have foreclosed on eligible homeowners and repeatedly claim to have lost documentation. Geithner says Treasury is already conducting compliance reviews targeted at certain servicers and may withhold incentive payments.

Read More »

Goldman Sachs Maintains Innocence as Criminal Probe Surfaces

The civil charges brought against investment bank Goldman Sachs for allegedly defrauding mortgage investors could turn criminal. Federal prosecutors with the U.S. attorney's office in Manhattan are reportedly investigating the Wall Street fixture for possible criminal misconduct in dealings involving an investment vehicle and transactions related to subprime residential mortgages. Goldman Sachs and its executives continue to deny any wrongdoing.

Read More »

California to Implement Four Programs With Hardest Hit Funding

In a proposal submitted to the Treasury Department, the California Housing Finance Agency (CalHFA) detailed how it plans to use $699.1 million in federal aid made available through the administration's Hardest Hit Fund. According to the proposal, CalHFA will use the funds to implement four distinct programs, three designed to help California homeowners remain in their homes and one intended to help underwater homeowners transition out of their homes into more affordable housing.

Read More »

Obama Nominates Three to Fill Seats on Federal Reserve Board

President Obama submitted his choices for three new Federal Reserve governors to the U.S. Senate Thursday. The nominations include: Dr. Janet L. Yellen, president of the Federal Reserve Bank of San Francisco; Dr. Peter Diamond, a professor at the Massachusetts Institute of Technology (MIT); and Sarah Bloom Raskin, commissioner of financial regulation for the state of Maryland.

Read More »

House Bill Would Allow Those Facing Foreclosure to Stay on as Renters

Two House Democrats have introduced a bill to create a ""right to rent"" for homeowners facing foreclosure. The bill would allow a family receiving a foreclosure notice to petition a judge to stay in their home as renters under a 5-year lease. The judge would appoint an independent appraiser to set fair market rental value, which would be allowed to rise with inflation.

Read More »

Florida Submits Detailed Proposal for Utilization of Hardest Hit Funding

Due to the high levels of home price declines and unemployment in the Sunshine State, Florida Housing Finance Corporation was selected as one of five state agencies to receive federal funding from the administration's Hardest Hit Fund. Of the initial $1.5 billion allocated for these markets, Florida Housing is slated to get $418 million. Pending approval of its proposal, the state plans to use the money to pay up to nine months of mortgage payments for unemployed homeowners and cover legal fees for some borrowers to fight foreclosure.

Read More »