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Rep. Frank to Update Plans for FOMC Overhaul

Rep. Barney Frank (D-Mass.) is speaking out again on new legislation that would block regional presidents within the Federal Reserve system from voting participation in the Federal Open Market Committee. Rep. Frank, author of the proposed bill, is seeking to replace five seats on the committee ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô those traditionally reserved for the presidents of regional Fed banks ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô with four hand-selected individuals, chosen by the president and confirmed by the Senate. Rep. Frank is also said to be working on an updated version of the legislation.

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Bush, Lawmakers Mull Housing Finance, Past and Future

Lawmakers butted heads over their intentions for GSEs Fannie Mae and Freddie Mac at a hearing Tuesday, with Republican members of the Senate Banking Committee seeking private-sector solutions while a number of Democrats called the federal government a needed buttress in housing finance. MReport captured a look back by former President George W. Bush at the federal bailouts orchestrated by his administration during the financial crisis.

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S&P Launches Five New Sub-Industry Indices

Standard & Poor's is enhancing its index offerings, and S&P's new additions are aimed at evaluating the performance of specific sub-industries within the Global Industry Classification Standard (GICS). The five new indices from S&P include the Banks Select Industry Index, Capital Markets Select Industry Index, Insurance Select Industry Index, Mortgage Finance Select Industry Index, and the Regional Banks Select Industry Index. Additionally, the Software & Services Select Industry Index will launch in late September.

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Minnesota Leads in Q2 Mortgage Fraud Activity

More mortgage brokers, loan officers, and others chose Minnesota over all other states in which to bilk homeowners and lenders, placing the northern state first for mortgage fraud activity and making it the most unlikely hotspot for criminal behavior. An index released by MortgageDaily.com bore witness to a 27-percent surge in mortgage fraud activity for the North Star State over the second quarter, with other contenders seeing a rise in fraudulent behavior quarter-over-quarter.

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CharterBank Makes Third FDIC Deal

Charter Financial Corporation is growing, via its acquisition of The First National Bank of Florida. Conducting the deal through its wholly owned subsidiary, CharterBank, Charter structured an agreement with the Federal Deposit Insurance Corporation to assume all deposits as well as the majority of assets of the Milton, Florida-based bank. The First National Bank of Florida was officially declared closed by the Office of the Comptroller of the Currency, and the FDIC was named as its receiver.

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Capital One Acquisition of ING Under Scrutiny from Fed

Complex financial evaluation is nothing new for the Federal Reserve, but federal regulators exploring Capital One Financial Corp.'s potential acquisition of ING Groep NV's online banking platform, ING Direct USA, are applying extreme examination to the transaction. According to the Fed, Capital One's proposed purchase of ING's U.S. web-based banking business could create a financial institution so enormous and complicated that it could affect the broader marketplace, and the Fed has issued a two-page letter asking for responses to critical queries.

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Stocks for Mortgage Banks Fall on Euro Zone Fears

The surprise resignation of a key official at the European Central Bank sent stocks and shares plunging in markets across Europe and overseas, furthering fears about a global economic slowdown and the potential for sovereign defaults across the European Union. Sagging stocks doubled up woes for Bank of America, whose CEO, Brian Moynihan, announced plans for some 40,000 layoffs as the mortgage giant reassesses its capital position in the market and undertakes restructuring efforts, according to multiple news reports.

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