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Home | News | Government (page 465)

Stevens Tapped to Lead FHA

David H. Stevens has been nominated by President Barack Obama for the position of assistant secretary for housing and Federal Housing Administration (FHA) commissioner, where he will be responsible for overseeing the government-led mortgage insurance agency.

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Fed Purchases $20B in Agency MBS

The New York Federal Reserve Bank purchased $20 billion in mortgage-backed securities (MBS) from government agencies last week. Total MBS purchases since the Fed program began in early January now stands at $237 billion.

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Treasury Details Plan for Toxic Mortgages

The U.S. Treasury Department on Monday laid out details of its plan to alleviate the toxic mortgage assets weighing heavy on banks’ balance sheets – the fiscal burdens that many argue sent the entire national financial system into its headlong tailspin.

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House Passes 90% Tax on Bailout Bonuses

Compelled by the AIG bonus scandal making headlines this week, on Thursday, the U.S. House of Representatives voted 328 to 93 to institute a 90 percent tax on bonuses paid by any bank or financial institution that owes the government more than $5 billion in federal bailout money.

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Gov. Launches Homeowner Website

In a joint effort, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) launched a new Website on Thursday for troubled homeowners seeking information about the administration’s Making Home Affordable loan modification and refinancing program.

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Fannie, Freddie Under Fire for Bonuses

As lawmakers grilled AIG’s CEO on Capitol Hill Wednesday about executives receiving bonuses from taxpayer dollars, the Wall Street Journal:http://www.wsjonline.com reported that Fannie Mae and Freddie Mac are also handing out sizable bonuses as retention payments to thousands of employees.

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Mortgage Rates Near Record Lows

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) today, in which the 30-year fixed-rate mortgage (FRM) averaged 4.98 percent (0.7 points) for the week ending March 19, 2009.

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DocuTech Opens Portland Office, Names COO

DocuTech Corp., a provider of compliance services and document technology for the mortgage industry, has opened a new office in Portland, Oregon. The company said its expansion is to meet growing customer and technology development needs in the mortgage marketplace.

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Treasury Releases Recovery Funds for Community Banks

On Wednesday, as Vice President Joe Biden hosts local officials from across the country at the White House to discuss how funding from the American Recovery and Reinvestment Act (Recovery Act) will support new economic growth in their communities, the Treasury Department’s Community Development Financial Institutions (CDFI) Fund is releasing its implementation plan to award nearly $100 million in grants and $3 billion in additional tax credit authority to support community-based financial institutions.

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