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by Ronald D. Orol
As House and Senate negotiators continue to work out differences in their versions of bank reform, a House proposal to have $3 billion used to help unemployed homeowners avoid foreclosure may prove to be a sticking point.
by Shahien Nasiripour
As few as 0.1 percent of mortgage modifications initiated under the Obama administration's signature foreclosure prevention program involve reductions of principal, according to a federal report released Wednesday.
by Danny J. Bakewell, Sr.
Let's start at the beginning: the Federal Reserve system was started in secrecy by the most powerful and influential financiers in America almost a century ago, allegedly in response to a growing need for an organized central banking system. The Federal Reserve Bank was created by the 1913 Federal Reserve Act.
Rep. Maxine Waters (D-Calif) says she wants to set the record straight.
In a letter, published in the Wall Street Journal Friday, the Congresswoman challenged a June 14 editorial in the financial news publication that warned the public that the financial reform bill currently undergoing the reconciliation process in Congress threatens the independence of the Federal Reserve.
The House overwhelmingly approved a bill Thursday aimed at helping the Federal Housing Administration rebuild its capital reserves.
The bill, which passed 406 to 4, will allow the FHA to raise annual premiums on borrowers, helping to bolster its Mutual Mortgage Insurance Fund. The fund has seen loan losses deplete its capital ratio to 0.53%, well below its statutory minimum of 2%.
By Peter Eichenbaum and Patrick O'Connor
June 17 (Bloomberg) -- U.S. Senator Richard Durbin, faced with growing opposition and slipping support for his proposal to cap debit-card "swipe" fees, said he is working to exempt prepaid cards governments use to distribute benefits.