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Obama Names Additional Treasury Posts

President Barack Obama announced three new nominations for posts at the Department of Treasury over the weekend. He has selected Michael S. Barr as assistant secretary for financial institutions; Helen Elizabeth Garrett for assistant secretary of tax policy; and George W.

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More Banks Walking Away From Foreclosures

Cities across the country say they are seeing a disturbing new practice when it comes to foreclosures – more and more, banks are opting not to take possession of foreclosed properties because the costs of maintenance, repairs, and legal fees outweigh the still-declining value of the property.

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FDIC Requests Comment on Legacy Asset Purchase Program

The FDIC announced last week that it is seeking public comment on its Legacy Loans Program (LLP). The FDIC and the Department of the Treasury unveiled the LLP last Monday as part of the administration’s Public-Private Investment Program (PPIP).

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New Role for Fannie, Freddie?

Mortgage giants Fannie Mae and Freddie Mac may soon have a new mission, according to a report published by _The Wall Street Journal:http://online.wsj.com/article_email/SB123837208039067699-lMyQjAxMDI5MzM4MDMzNzAyWj.

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Mortgage Industry Warms to Obama's Foreclosure Relief Plan

The Association of Community Organizations for Reform Now (ACORN) announced last week that a recent survey it conducted signals hope on the horizon for struggling homeowners facing foreclosure. The activist group said it surveyed all major mortgage servicing companies in the nation, and has found that at least 76 percent of outstanding mortgage loans are serviced by companies who have committed to implementing the Obama administration’s Making Home Affordable loan modification program.

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JVI Awarded Government Contract

Lake Mary, Florida’s JVI Appraisal Division, LLC, a nationwide provider of appraisals and valuations of foreclosed properties, has been awarded a contract with the U.S. General Services Administration (GSA) to perform appraisal services for the government.

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Fed Purchases $33B in MBS

The New York Federal Reserve Bank purchased $33.15 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $270 billion.

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Court Halts Bogus Loan Mod Operations

At the request of the Federal Trade Commission (FTC), a U.S. district court has ordered two South New Jersey-based companies to stop falsely advertising that they are part of the mortgage assistance network, HOPE NOW Alliance, and that they successfully modify mortgages for almost all of their clients or else give refunds.

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Geithner Calls For Regulatory Overhaul

Treasury Secretary Timothy Geithner testified before the House Financial Services Committee again on Thursday, pleading his case for an upheaval in financial regulation and expanded authority over a wider scope of financial institutions.

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