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As the new year rolls in, DS News is taking a look back at some of the biggest government headlines and stories of 2014:
1. Mel Watt Sworn in as FHFA Director – After months of contentious debate, the Federal Housing Finance Agency (FHFA) finally has a new director. Mel Watt, the former North Carolina congressman, was sworn in Monday to a five-year term as the first Senate-confirmed director of the FHFA. Watt, 68, represented the 12th congressional district of North Carolina as a member of the U.S. House of Representatives for more than 21 years prior to accepting his new post.
2. Bank of America Settles Claims for Record $16 Billion – Bank of America agreed to pay a record $16.65 billion to resolve claims related to the sale of toxic mortgage-backed securities during the years leading up the financial crisis.
3. Ocwen Reaches Settlement With New York Regulator – Ocwen's year-long difficulties with New York's Department of Financial Services (DFS) ended with a $150 million settlement and the departure of its executive chairman.
4. Castro Sworn in, Faces New Challenges at HUD – As the newly sworn-in Secretary of the U.S. Department of Housing and Urban Development (HUD), Julian Castro will need to perform a complicated balancing act to move the agency forward during the current unsteady recovery.
5. Fed, SEC Approve Risk Retention Rule – The residential mortgage loan risk retention rule, known as the "qualified residential mortgage" (QRM) rule, was approved by the U.S. Federal Reserve Board and the Securities and Exchange Commission (SEC), the last two of six federal agencies to approve the rule, according to the Fed.
