The Bush administration thinks there may still be enough time this year to pass legislation to strengthen the regulatory oversight of Fannie Mae and Freddie Mac.Speaking at a Heritage Foundation luncheon Oct. 22, Treasury Assistant Secretary for Financial Institutions Wayne Abernathy said passage of a bill is still "possible" because it involves an issue "that has the attention of all the right people." The Treasury Department, said Mr. Abernathy, is holding out for a strong, independent bank-like regulator for Fannie and Freddie because it fears that anything short of that goal will result in the regulator being "captured" by the entities it regulates. Talking to reporters at a luncheon whose attendees included not just Heritage Foundation officials but White House staffer Reginald Brown, Mr. Abernathy said he "cannot think of another institution in the U.S. that has the same lobbying clout" as Fannie and Freddie, adding that the two government-sponsored enterprises have greater influence inside Washington than both General Motors and Microsoft. He said one of the key issues is whether an independent regulator can "ward off capture."
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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