In the News
Upon introduction in the U.S. House early last year, the bill — known as the Respect for Marriage Act — had 109 sponsors, but the total number of has now grown to 159. That's short of the 218 needed for a majority vote needed for passage, but still a record number.
As the housing market recovers, one government agency is still paying the price for helping to stabilize it -- and taxpayers could get the bill.
The Federal Housing Administration, whose mortgage insurance business skyrocketed during the Great Recession of 2007-09, said Friday that its reserves to cover losses dropped into negative territory for the fiscal year that ended Sept. 30.
Reactions were mixed on Friday after an independent audit found that the Federal Housing Administration is facing billions in losses.
Democrats and housing industry advocates called for changes at the struggling agency, which bore the brunt of bad loans made after the housing crash and the market's subsequent recovery, but argue the problems are solvable.
Republicans were harsher in their criticism, saying that the losses reflect the need for a major overhaul at the agency as part of a reduction of the government's majority role in the mortgage finance market.
On Monday, the brand-new Playa Vista Elementary School just off Lincoln Boulevard held its official grand opening ceremony, complete with statements from politicians, educators, parents and students - many of whom were not yet born when the plan to build the school was conceived.
A former press secretary for the Democratic lawmaker said Dymally died Sunday in Los Angeles. He was 86.
Jasmine Cannick said Dymally's health had been in decline.
Born in Trinidad in 1926, Mervyn Dymally came to the United States at 19. He got a degree at Cal State University Los Angeles, became a U.S. citizen and a teacher. He also got involved in Democratic politics, winning election as assemblyman in 1962.
With the retired orbiter parked on Manchester Boulevard, the Inglewood High School marching band warmed up the crowd before several public officials and three former astronauts took to a small stage for about 30 minutes of remarks.
"Isn't this exciting?" Rep. Maxine Waters (D-Los Angeles) asked the crowd.
But as the California congresswoman prepares to become the top Democrat on the House Financial Services panel, she is engaging in an aggressive outreach effort with some of the very institutions that she has heavily criticized for their role in the financial crisis and recent home foreclosure scandals.
From organizing industry roundtables to one-on-one meetings with Wells Fargo's CEO to holding fundraisers targeting banking donors, Waters is opening the door to big banks and Wall Street.
Washington Post
Robert Schmidt and Michael J. MooreAug 03, 2012 12:00 am ET
Aug. 3 (Bloomberg) -- The trading losses at Knight Capital Group Inc. renewed pressure on Washington regulators to prove they are equipped to protect investors in markets that are increasingly computerized and fragmented.
Whitney Kisling, ©2012 Bloomberg News
Published 01:28 p.m., Thursday, August 2, 2012
(Updates throughout with more details, comments.)
By Suzanne Barlyn
July 25 | Wed Jul 25, 2012 1:22pm EDT
(Reuters) - U.S. House lawmakers on Wednesday introduced legislation that would require certain investment advisers pay fees to help fund adviser examinations conducted by regulators.
Representative Maxine Waters from California, the second-ranking Democrat on the House Financial Services Committee, said in a statement that she introduced the bill "to provide a dedicated funding source" to help the U.S. Securities and Exchange Commission better police the roughly 10,000 investment advisers the agency will oversee.