Banks Complete Consumer Relief Obligations

first_img Bank of America Chase Citibank HUD National Mortgage Settlement Wells Fargo 2014-03-18 Colin Robins Tagged with: Bank of America Chase Citibank HUD National Mortgage Settlement Wells Fargo Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Colin Robins March 18, 2014 902 Views Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Banks Complete Consumer Relief Obligations The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Home / Daily Dose / Banks Complete Consumer Relief Obligationscenter_img  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Joseph A. Smith, Jr., monitor of the National Mortgage Settlement, filed final crediting reports with the U.S. District Court for the District of Columbia on Bank of America, Chase, Citibank, and Wells Fargo.The reports confirmed that the banks have satisfied their consumer relief and refinancing obligations under the settlement, nearly a full year ahead of schedule.In a press release, Smith commented, “My reports mark the end of the consumer relief portion of the Settlement. Because of the way this landmark agreement was designed, an unprecedented amount of relief has been provided to consumers quickly and efficiently.”He continued, “Furthermore, I believe the rigorous testing process should justify public confidence that the banks have fulfilled their relief commitments and that the Settlement has played a part in helping keep struggling borrowers in their homes.”Remunerations were called for after the banks engaged in widespread signing of foreclosure-related documents outside the presence of a notary public, and without confirmation whether the facts they contained were correct—both illegal actions.The practice earned the futuristic-sounding sobriquet “robo-signing,” and necessitated 49 state attorneys general and the federal government to correct actions against wronged homeowners, eventually settling with the banks for an initial estimated figure of $25 billion.Oklahoma was the lone holdout.Smith noted that among the banks, 37 percent of total credit relief was in the form of first lien principal forgiveness, while second lien principal forgiveness made up 15 percent. Refinancing made up 17 percent of total credited relief, and other relief (including short sales and deeds in lieu of foreclosure) accounted for 31 percent of relief.Shaun Donovan, secretary of Housing and Urban Development (HUD), commented on a conference call with the media on Tuesday that over 600,000 consumers received on average more than $79,000 in relief.7 out of every 10 dollars of credit for consumer relief, such as refinancings and principal reductions, came in a form that kept borrowers in their homes, Donovan said on the call.Donovan added, “This settlement delivered on what we promised.”The tone of the call between Donovan and Iowa attorney general Tom Miller was mostly laudatory towards the banks, praising them for quick action as well as payments that exceeded initial estimates.Miller noted that $20 billion in credits and over $50 billion in total homeowner benefits were “well in excess of what we predicted or expected.”$5.1 billion dollars was required for first lien principal reductions in the initial settlement, but the final figure from bank’s totaled almost $7.6 billion—nearly 50 percent more than what was required.Miller fired back at detractors of the settlement who cautioned that principal reductions would create a “moral hazard,” encouraging borrowers to default on their loans to avoid payment.”Many people in the industry … were saying that if there was any principal reduction there would be all this moral hazard, other people would stop paying—that the whole market would be seriously harmed. Well, we’ve had substantial principal reduction, 7.6 billion dollars’ worth, and none of this has happened. None of the problems, none of the concerns, none of the catastrophes that were predicted happened, as we predicted,” Miller said.He noted that principal reductions were “a tool in the toolkit for dealing with homeowners in default.”Miller continued, “We knew that there was no single solution, no magic bullet, to turn around the housing market. We knew there had to be pieces, and we thought that this would be one of the pieces, and clearly it has been. This is one of the reason’s the housing market now has turned in the right direction.” in Daily Dose, Featured, Government, Headlines, Loss Mitigation, News Related Articles Previous: Ocwen to Pay $2.1 Billion to 49 States Next: DS News Webcast: Wednesday 3/19/2014 Sign up for DS News Daily Subscribelast_img read more

Fed Liftoff Could Adversely Impact First-Time Buyers

first_img The Federal Open Market Committee (FOMC) will convene next week for the last time this year and is expected to sweep the industry with a change to the federal funds rate, something that has not been done since June 2006.Title agents in the mortgage industry believe that first-time homebuyers will be impacted the most in the next year if interest rates are raised.First American Financial Corp., showed in its fourth quarter Real Estate Sentiment Index (RESI), which measures sentiments among title agents about homeownership demand, that most title agents believe more first time buyers will purchase homes in the next year. In addition, the index found that these sale transactions will “move up homebuyers.”According to the index, interest rates would need to rise to 5.1 percent to derail primary residential transaction volumes.“Title agents view first-time homebuyers as most impacted by a potential interest rate hike, while remaining optimistic regarding the level of sale transactions for those first-time homebuyers in the next 12 months,” said Mark Fleming, Chief Economist at First American. “Expectations for future homeownership demand remain positive, despite changing market conditions.”Title agents forecast that residential property price and transaction volume will rise in 2016, but are now displaying stronger signs of decreasing optimism from the last quarter.First American reported in the fourth quarter RESI that title agents expect property prices to increase by 5.7 percent on average in the next year, down from the 6.7 percent that was predicted in the third quarter.Sentiment for home price growth fell from 77 in the third quarter to 63 in the fourth quarter, the report stated.Title agents remained confident about growth in purchase transaction volume in 2016, with the RESI value for residential purchase transactions was the most positive at 73, down from 78 in the third quarter. Conversely, the outlook for refinance transaction volume among title agents is consistently negative.The RESI report also shows title agent sentiment for reasons surrounding title policy order cancellations, with the most common reason being buyers’ inability to get a mortgage. Title order cancellations will be problematic over the next year, causing property valuation issues and acceptance of a new offer.Title agents indicated that the rate of policy order cancellation will rise slightly over the next year, with the RESI value increasing from 56 to 57 quarter-over-quarter.First American’s Fourth Quarter 2015 RESI Price Expectation Highlights:Residential: The five states with the highest expected residential price changes in the coming year are: District of Columbia (+8.5 percent), New Hampshire (+8.1 percent), Nevada (+8.0 percent), Michigan (+7.9 percent) and Florida (+7.8 percent)First American’s Fourth Quarter 2015 RESI Title Policy Cancellation Reason Highlights:The five states with the highest expectation for an increase in cancellation rates are: New Mexico (75), Washington (71), Arkansas (70), Missouri (36) and Nebraska (68).The five states with the highest expectation for a decrease in cancellation rates are: Kentucky (45), Minnesota (47), Oklahoma (48), Maine (48) and Rhode Island (50).Click here to view the full report.  Print This Post Home / Daily Dose / Fed Liftoff Could Adversely Impact First-Time Buyers Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Tagged with: Federal Open Market Committee Federal Reserve First American Financial Corporation First-Time Homebuyers Interest Rate Hike Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Federal Open Market Committee Federal Reserve First American Financial Corporation First-Time Homebuyers Interest Rate Hike 2015-12-08 Brian Honea Fed Liftoff Could Adversely Impact First-Time Buyers Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago December 8, 2015 995 Views Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Is the Financial Stability Oversight Council Enabling ‘Too Big to Fail’? Next: DS News Webcast: Wednesday 12/9/2015 Sign up for DS News Daily About Author: Xhevrije Westlast_img read more

Treasury Secretary Approves of Financial Choice

first_img Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Sign up for DS News Daily Home / Daily Dose / Treasury Secretary Approves of Financial Choice April 27, 2017 1,422 Views The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Share Save Related Articles Demand Propels Home Prices Upward 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Financial Choice Mnuchin Treasury The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Treasury Secretary Approves of Financial Choice Previous: Industry Leaders to Discuss Diversity, Inclusion Next: CFPB Looks At Diversity About Author: Seth Welborn Financial Choice Mnuchin Treasury 2017-04-27 Seth Welborn Steven MnuchinFollowing Wednesday’s Financial Services Committee hearing on the Financial CHOICE Act, Secretary of the Treasury Steven Mnuchin released a statement on Thursday supporting the act.“As Secretary, I am committed to policies that will ensure sustained economic growth that is driven by Main Street and not held back by Washington,” said Mnuchin. “The existing regulatory system is limiting, not stimulating our economy. At the Treasury, we are focused on delivering regulatory relief that encourages banks to provide the capital and liquidity needed to create jobs and opportunities for growth, and that provides protection against taxpayer-funded bailouts.”Financial Services Committee Chairman Jeb Hensarling (R-Texas) had introduced the Financial CHOICE Act on Wednesday as an alternative to the Dodd-Frank act. Financial CHOICE aims to end taxpayer-funded bailouts of big banks, impose tougher penalties for financial fraud and insider trading, and demand greater accountability from regulators.“The Financial CHOICE Act guarantees that the era of big bank bailouts and ‘too big to fail’ is over. For banks that fail, there will be bankruptcy, not bailouts,” said Chairman Hensarling. “In order to qualify for much-needed regulatory relief, financial institutions will have to be so well-capitalized that they pose no threat to hardworking taxpayers or to our economy.”The CHOICE act announcement came alongside Wednesday’s tax reform plan announcement, which calls for a reduction of corporate taxes down to 15 percent, cutting the top tax bracket down to 35 percent, and doubling the standard deduction. Mnuchin called the reform the “The biggest tax cut and largest tax reform in history of this country.”According to Mnuchin, the tax reform and Financial CHOICE Act are steps to strengthen the financial system.“I applaud the steady commitment and leadership that Chairman Hensarling and his colleagues have provided on these issues, and welcome the reintroduction of the CHOICE Act,” said Mnuchin “While I continue my work to implement the President’s executive order setting the core principles for financial regulation, I look forward to working with Congress to both support and strengthen our financial system and safeguard taxpayers.”Not all memebrs of the Financial Services Committee agree with Hensarling and Mnuchin. During the hearing on Wednesday, Representative Maxine Waters (D-California) expressed her disapproval of the Financial CHOICE Act.“Democrats are going to fight against it, and stand up for Main Street,” said Waters. “This bill must not become law. There is too much at stake for consumers and for our whole economy.”Despite the support of Dodd-Frank regulation, Hensarling argues that Dodd-Frank has done more harm than good. Financial CHOICE aims to right those wrongs.“Under Dodd-Frank, consumers are paying more and getting less. Their costs have gone up, and they have fewer choices, more hassles and less access to credit,” said Hensarling. “True consumer protection comes from competitive, transparent and innovative markets that are vigorously policed for fraud and deception. This is precisely what the Financial CHOICE Act will do.”An executive summary of the Financial Choice ACT can be found here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Proceed With Caution: Existing Home Sales and Economic Growth

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Proceed With Caution: Existing Home Sales and Economic Growth Previous: Tear-Down Starts Boast Year-Over-Year Increase Next: Reconstruction Program Aims to Soften Fallout of Natural Disasters Servicers Navigate the Post-Pandemic World 2 days ago June 19, 2017 1,931 Views Consumer Spending Economic Growth Fannie Mae 2017-06-19 Brianna Gilpin in Daily Dose, Featured, News, Secondary Market The U.S. is embarking on its ninth year of economic expansion and Fannie Mae is predicting economic growth rebound. According to their Economic & Strategic Research Group’s June 2017 Economic and Housing Outlook, second quarter economic growth will rebound to 2.9 percent from last quarters 1.2 percent. Consumer spending growth is expected to return to its traditional role as the biggest contributor to economic growth, picking up to 3.1 percent this quarter from 0.6 percent in the first quarter. Fannie Mae said moderate growth is expected to continue into next year, however uncertainty in fiscal and monetary policy makes the forecast a little difficult.“This month marks the eighth anniversary of the U.S. economic expansion, the third-longest of the post-World War II era. While we expect modest growth to continue in 2018, the potential for fiscal stimulus remains a notable wild card,” said Fannie Mae Chief Economist Doug Duncan. “The odds that Congress will enact major pieces of legislation this year and jump-start meaningful fiscal stimulus have diminished, and the economy also faces another fiscal policy uncertainty in coming months, as Congress will have to raise the debt ceiling to avoid a government shutdown.”Duncan said the Federal Open Market Committee’s June decision to raise the fed funds rate by 25 basis points has increased the uncertainty of monetary policy.“Our June forecast assumes that the Fed will increase the target rate once more this year in September and will begin to taper reinvestment of principal payments from its securities holdings in December. However, the recent slowdowns in hiring and inflation could lead the Fed to hold off on the September rate hike in order to gather more data.”According to Duncan, the housing market hasn’t changed all that much in the last year. Labor and inventory shortages are constraining sales and therefore increasing home prices.“We expect total home sales to rise 3.2 percent this year and total single-family mortgage originations to drop about 21 percent to $1.62 trillion,” Duncan said. “A large drop in refinance originations will likely outweigh a modest rise in purchase originations. We expect the refinance share to move down to around 34 percent in 2017 from 48 percent in 2016.”For more details on Fannie Mae’s June 2017 Economic and Housing Outlook, click here. Demand Propels Home Prices Upward 2 days ago  Print This Post Sign up for DS News Daily Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] About Author: Brianna Gilpin Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Tagged with: Consumer Spending Economic Growth Fannie Mae Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Proceed With Caution: Existing Home Sales and Economic Growthlast_img read more

Senate Set to Review Dodd-Frank

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Previous: Converted Malls Could Provide Alternative Housing Solution Next: HUD Secretary on Homelessness: “It’s Everybody’s Problem” About Author: David Wharton December 5, 2017 1,293 Views Senate Set to Review Dodd-Frank The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save After a long day of deliberation and negotiation, the Senate Committee on Banking, Housing, and Urban Affairs voted late Tuesday afternoon in favor of sending S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, to the full Senate for a floor debate. Supported by Republicans and some moderate Democrats, the bill would make significant changes to the Dodd-Frank reform bill passed in 2010. The final vote to advance the new bill was 16-7 in favor.In addition to the Committee’s 12 Republicans, four Democrats voted to advance the bill, including Sen. Joe Donnelly (Indiana), Sen. Heidi Heitkamp (North Dakota), Sen. Jon Tester (Montana), and Sen. Mark Warner (Virginia).Senator Mike Crapo (R-Idaho), Chairman of the Banking Committee, said, “The bill has received widespread support from commentators, regulators, businesses, and institutions representing millions of hard working Americans and consumers, including over 10,000 community bankers, more than 100 million credit union consumer members, and thousands of small business owners and entrepreneurs, among others.”The bill would modify key parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the bill, banks with assets less than $100 billion would be immediately exempted from federal stress tests. Banks with less than $10 billion in assets would be exempted from the Volcker rule, which restricts U.S. banks from certain speculative investments. It would also change the threshold for systemically important financial institutions (SIFI) from $50 billion to $250 billion.”These reforms make progress toward Treasury’s core financial principles released in June and demonstrate bipartisan support to re-balancing our regulatory framework,” said recently sworn-in Comptroller of the Currency Joseph Otting in a statement. “I look forward to working with the members of the committee and fellow regulators to continue this work in the weeks and months ahead.”Senator Sherrod Brown (D-Ohio) criticized the bill, saying, “There’s nothing to help people with record high levels of student loan debt; nothing to help those with underwater mortgages; and nothing to help workers who are struggling to get by.”“I guarantee you that without this bill the only people that we would be empowering are the big banks,” Sen. Tester said.Sen. Brown opposed the bill, along with Sens. Elizabeth Warren (D-Massachusetts), Brian Schatz (D-Hawaii), Catherine Cortez Masto (D-Nevada), Chris Van Hollen (D-Maryland.), Jack Reed (D-Rhode Island), and Bob Menendez (D-New Jersey).Sen. Crapo said, “The reforms in this bipartisan bill help tailor the current regulatory landscape, while ensuring safety and soundness and relieving the burden on American businesses that are unfairly being treated like the largest companies in our economy.” Tagged with: Dodd-Frank Senate Senate Banking Committee SIFIs Stress Tests Volcker Rule Home / Daily Dose / Senate Set to Review Dodd-Frank Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Journal, News David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Dodd-Frank Senate Senate Banking Committee SIFIs Stress Tests Volcker Rule 2017-12-05 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Industry Sounds Off on Dodd-Frank Reform Bill

first_imgSubscribe Home / Daily Dose / Industry Sounds Off on Dodd-Frank Reform Bill The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] in Daily Dose, Featured, Government, Journal, News Demand Propels Home Prices Upward 2 days ago  Print This Post Industry Sounds Off on Dodd-Frank Reform Bill Tagged with: Dodd-Frank Act Dodd-Frank reform Economic Growth Economic Growth Regulatory Relief and Consumer Protection Act s. 2155 Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Previous: The Challenges of Residential Instability Next: From Home Listings to Home Flipping Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Dodd-Frank Act Dodd-Frank reform Economic Growth Economic Growth Regulatory Relief and Consumer Protection Act s. 2155 2018-05-22 David Wharton May 22, 2018 8,866 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The House of Representatives on Tuesday voted in favor of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. The bill seeks to evolve and streamline regulations put in place by the 2010 Dodd-Frank Act. The final vote in the House was 258-159.“This is a moment years in the making, and I thank my colleagues in the Senate and the House of Representatives for their partnership and contributions to this effort over the years,” said Sen. Mike Crapo (R-ID), Chairman of the Senate Banking Committee. “This step toward right-sizing regulation will allow local banks and credit unions to focus more on lending, in turn propelling economic growth and creating jobs on Main Street and in our communities. This is an important moment for small financial institutions, small businesses, and families across America.”Jim Nussle, President and CEO of Credit Union National Association, said in a statement, “From the moment a group of bipartisan Senators unveiled this bill, credit unions told them loud and clear that this is an essential piece of regulatory relief legislation that will improve access to mortgage lending, real estate loans, and other products and services, while putting focus on senior abuse and cyber threats.””It was fascinating to see Barney Franks’ reaction to the revisions being made to his most prominent piece of legislation. I thought it was very telling that his biggest complaint about today’s vote was that the threshold for oversight was too high ($250B vs. $125B), and that he approved of the relaxation of QM rules on community banks,” said Rick Sharga, EVP, Carrington Mortgage Holdings. “Critics of the bill have had the same complaint: that the threshold for regulatory oversight was too high.””With the passing of this legislation, millions of consumers who were underserved by the current mortgage finance system may soon have a fairer shot at the American dream of sustainable homeownership. Today’s models are more predictive and more inclusive and they should be put to work. We thank the members of Congress for recognizing this problem and seizing on an opportunity to create a better system,” said Barret Burns, President and CEO of VantageScore Solutions. “We look forward to working with all the stakeholders to ensure that a future marketplace is fair, inclusive, and fosters competition.”Not everyone welcomed the bill’s passage, however. Center for Responsible Lending (CRL) Senior Legislative Counsel Yana Miles said in a statement, “This bill puts out a welcome mat for many of the same reckless financial practices that caused the Great Recession. The bill increases the risk of another bank bailout, facilitates lending discrimination against communities of color, and weakens key consumer protections in the mortgage market—which was the epicenter of the 2008 economic collapse.”However, Sharga pointed out that the original objective of the Dodd-Frank legislation was to prevent another “too big to fail” scenario, “which really doesn’t apply to even the largest regional banks in that sub-$250 billion categories, and who weren’t the primary culprits in the mortgage market meltdown in 2008.”S. 2155 was advanced by the Senate in mid-March, by a vote of 67-31, after several weeks of debate, amendments, and negotiation. The bill then passed back to the House, who had previously voted on a different Dodd-Frank reform bill prior to the Senate’s modifications.The bill enacts numerous reforms and changes regulations pertaining to lenders. One of the primary changes was increasing the threshold for enhanced regulatory standards from $50 billion to $250 billion, a change designed to exempt some smaller and mid-sized banks from regulations that would still apply to the larger banking entities. The affected regulations pertain to capital and liquidity rules, risk management standards, and stress testing requirements, among other things.Former Sen. Barney Frank, one of the authors of the Dodd-Frank Act, told Scotsman Guide in March, “I think [the asset threshold] should be $125 [billion to trigger FSOC oversight]. So, I would vote against it on those grounds. I would hope to try and change it. But, as far as [non-qualified] mortgages are concerned, I think allowing the smaller banks to make those loans as long as they keep them in portfolio is a perfectly good idea.”The bill also exempts banks with less than $10 billion in assets from the Volcker Rule, which limits risky trading by U.S. banks, and dials back restrictions on small and regional banks when it comes to restrictions on mortgage lending.Sen. Elizabeth Warren (D-Massachusetts), who has been a longtime opponent of weakening Dodd-Frank, said of the Senate bill, “We’ll be paving the way for the next big crash. It’s time for the rest of us to fight back and demand that Washington work for us, not the big bank lobbyists.”The bill did have plenty of Democratic defenders in the Senate, however, several of whom argued that the reforms could help community banks flourish and help revitalize rural economies. Sen. Heidi Heitkamp (D-North Dakota), a supporter of the legislation, said, “When you don’t respond to these kinds of legitimate concerns from small lenders, there’s a resentment to the overall policy. We tend to throw the baby out with the bathwater with that kind of frustration.” About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Over 2,800 people spent time on trolleys and chairs at LUH during 2015

first_img Calls for maternity restrictions to be lifted at LUH Over 2,800 people spent time on trolleys and chairs at LUH during 2015 WhatsApp NPHET ‘positive’ on easing restrictions – Donnelly Three factors driving Donegal housing market – Robinson Previous articleFarmers affected by flooding have two weeks to apply to new assistance fundNext articleRenewed speculation that Paddy Harte Jnr may be added to FG election ticket admin GAA decision not sitting well with Donegal – Mick McGrath WhatsApp Donegal Deputy Pearse Doherty has said the hospital overcrowding crisis is a national scandal, with latest figures showing a total of 2,814 patients spent time on trolleys, chairs and additional beds at Letterkenny University Hospital during 2015The health minister says his Department is to hold new talks with the INMO and HSE to try and avert next week’s strike. Leo Varadkar says the strike will put patient safety at risk – and the numbers on trolleys are down compared to last year.However, Deputy Doherty says promises made last year have come to nothing……………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/01/pearsetrollies.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. By admin – January 8, 2016 Twitter Pinterestcenter_img Twitter Pinterest Homepage BannerNews Google+ Guidelines for reopening of hospitality sector published Facebook Nine Til Noon Show – Listen back to Wednesday’s Programme Google+ Facebook RELATED ARTICLESMORE FROM AUTHORlast_img read more

Missing acetylene cylinder recovered in Gweedore

first_img Twitter A missing acetylene cylinder has been recovered in Gweedore after a fire at a small garage in the Glassagh area yesterday morning.While the cylinder was not damaged, the fire service feared it was unstable. Up to 10 houses were evacuated, a 200 metre cordon was put in place around the garage, and a system was put in place to spray the cylinder with water.However, shortly after 6 o’clock, it was discovered the cylinder was missing from the garage.Gardai have now confirmed that while it had been taken from the building, it was still within the 200 metre cordon, and their investigations are continuing. Almost 10,000 appointments cancelled in Saolta Hospital Group this week Newsx Adverts RELATED ARTICLESMORE FROM AUTHOR WhatsApp Pinterest Facebook Guidelines for reopening of hospitality sector published By News Highland – December 8, 2011 Twitter Google+center_img Pinterest NPHET ‘positive’ on easing restrictions – Donnelly Missing acetylene cylinder recovered in Gweedore Previous articleECB cuts interest rates – Pearse Doherty says lenders must pass it onNext articleTwo women fined for operating Letterkenny brothel News Highland Facebook Three factors driving Donegal housing market – Robinson WhatsApp LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Calls for maternity restrictions to be lifted at LUH Google+last_img read more

CEO of Ulster Bank cannot confirm when ‘technical glitch’ will be fixed

first_img CEO of Ulster Bank cannot confirm when ‘technical glitch’ will be fixed Google+ RELATED ARTICLESMORE FROM AUTHOR WhatsApp Pinterest WhatsApp Calls for maternity restrictions to be lifted at LUH Facebook Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Twitter Twitter The CEO of Ulster Bank has finally broken his silence on the I-T debacle which has left customers facing serious problems with their accounts.Jim Browne says the bank is aiming to fix the problems – which have affected automatic payments – by early next week.But he’s refusing to say whether that means Monday – or later.He’s again apologised for the chaos caused to some 100-thousand Ulster Bank account holders.And he says he doesn’t believe the bank’s image has suffered as a result….[podcast]http://www.highlandradio.com/wp-content/uploads/2012/06/brow830.mp3[/podcast]center_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ Previous articleWeekend weather to be a lot cooler and drier in DonegalNext articleLocal services will be cut if Household Charge is not paid – Hogan News Highland Facebook Almost 10,000 appointments cancelled in Saolta Hospital Group this week Three factors driving Donegal housing market – Robinson Guidelines for reopening of hospitality sector published Pinterest News By News Highland – June 29, 2012 last_img read more

€497,000 funding confirmed for cycleway linking Donegal Town and Newtown

first_img WhatsApp Pinterest News Google+ Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ Calls for maternity restrictions to be lifted at LUH Funding has be announced this morning for a cycleway linking Donegal Town and Newtowncunningham.Junior Public Transport Minister Alan Kelly has this morning announed a series of investments in cycle infrastructure to launch National Bike Week.As part of the infrastructure almost half a million euro has been allocated to Donegal.Donegal North East Deputy Joe Mc Hugh says the new cycleway will tap into the massive tourism potential in the county…..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/06/joemc10.mp3[/podcast] Twitter By News Highland – June 7, 2012 Need for issues with Mica redress scheme to be addressed raised in Seanad alsocenter_img €497,000 funding confirmed for cycleway linking Donegal Town and Newtown Facebook Facebook Previous articleNew £10 million whiskey distillery in Derry will create new employmentNext articleMayor of Donegal hopeful of gaining more blue flag beaches News Highland RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published Pinterest WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week Twitterlast_img read more