Obama Wants Big Banks To Pay More for Oversight

Obama Wants Big Banks To Pay More for Oversight
The Washington Post

The Obama administration is pressing ahead with its broad overhaul of financial regulation by proposing to hike the fees big financial firms pay for federal oversight while easing the burden for smaller ones, officials said.

The new two-tiered, pay-for-regulation approach is intended to partly cover the costs of more vigorous bank regulation and a new consumer financial protection agency. It reflects the administration's view that large banks and lenders should pay more because they are more complex and expensive to regulate, a Treasury Department official said.

'Property preservationist' is banks' go-to guy to fix up trashed foreclosure homes
Associated Press

GROVELAND, Florida - 393 Ed Douglas Road was a hot potato now, not a home — just another ghost property in the resale pipeline with curtainless windows, a yard populated by fire ants and weeds, and the telltale flier taped to the front door: "U.S. Government Property."

Nick Hazel shoved a key in the lock.

Ginnie Mae President Joe Murin Resigns
Mortgage Daily News

Mortgage News Daily has learned that the President of Ginnie Mae, Joseph Murin, has submitted his resignation.

Murin's resignation follows the August 6, 2009 departure of Federal Housing Finance Agency Director James Lockhart. In Lockhart's statement to the public he mentioned that since his tenure began in May of 2006 he had seen the housing market through one of the most difficult periods in history and that it was time to "move on to the next chapter" as the GSEs are now strongly supporting the housing stabilization.

Coalition formed to combat foreclosures
The Daily Telegram

The Commu¬nity Action Agency has launched a community coalition to help reduce the number of foreclosures occurring in Jackson, Lenawee and Hillsdale counties. So far this year, Jackson County has had 675 mortgage foreclosures with Lenawee County reporting 398 and Hillsdale County having 156.

The Community Fore¬closure Coalition: From Crisis to Opportunity is under the direction of Neeta Delaney, who was contracted by the CAA to establish a strategy to respond to the housing foreclosures in the tri-county area. She will also create and lead a network of partnerships to take action.

Toxic Loans Topping 5% May Push 150 Banks to Point of No Return
Bloomberg

More than 150 publicly traded U.S. lenders own nonperforming loans that equal 5 percent or more of their holdings, a level that former regulators say can wipe out a bank’s equity and threaten its survival.

The number of banks exceeding the threshold more than doubled in the year through June, according to data compiled by Bloomberg, as real estate and credit-card defaults surged. Almost 300 reported 3 percent or more of their loans were nonperforming, a term for commercial and consumer debt that has stopped collecting interest or will no longer be paid in full.

Colorado sees record-high foreclosure filings in Q2, state says
Denver Business Journal

Colorado saw a record high 12,135 foreclosure filings in the second quarter of 2009, up 15 percent from the first quarter, the state Division of Housing reported Thursday.

The report is the first "official" release of statewide foreclosure statistics as called for earlier this year by the state Legislature.