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Tag Archives: Treasury Department

Reports: Leaked Volcker Memo Stirs Markets, Industries

A recently leaked memo outlining the proposed Volcker rule sent market watchers and industry insiders into a tizzy, according to multiple news outlets. The tentative rule itself ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô required by the Dodd-Frank Act and named after former Fed chief Paul Volcker ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô remains in development at federal regulatory agencies like the Federal Reserve, FDIC, and Office of the Comptroller of the Currency. The proposed rule defines short- and long-term proprietary trading and rules out third-party brokers, agents, and custodians.

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Homeownership Rates Lowest Since Great Depression

abandoned house

Homeownership rates remain at depths not seen since the Great Depression, according to new Census Bureau numbers. Market watchers chalk up the lows to tight lending conditions, concerns about the regulatory environment, and fears about a double-dip recession. Releasing Housing Characteristics: 2010 Thursday, the bureau found homeownership rates deflating by some 1.1 percent to 65.1 percent over the last decade ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the biggest decline since between the years 1930 and 1940.

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Reports: Obama Refinance Proposal Expected Soon

Following a better-than-expected jobs report Friday, emerging news reports suggested that the Obama administration could submit in full a controversial refinance proposal that sources say would allow eligible homeowners to refinance their mortgages at current rates. Government officials remain mum about exactly when officials and policymakers will see the proposal, but continue to offer snippets about their intentions for it. The one stumbling block for the proposal: the Federal Housing Finance Agency.

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Lawmakers Clear CFPB’s Cordray for Full Senate Vote

In a widely expected turn of events, lawmakers seated on the Senate Banking Committee approved would-be Consumer Financial Protection Bureau director Richard Cordray for a full nomination vote along strictly partisan lines. The nominee will now face a full Senate vote, where his bid will likely meet stiff Republican opposition. Twelve Democrats on the committee signed off on his nomination, even while their 10 Republican colleagues lined up against it. The Senate will now schedule the first hearing.

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Bernanke On the Fed’s Future Economic Initiatives

The Federal Reserve has gone on record again regarding the current state of the U.S. economy. Chairman of the Fed, Ben Bernanke, spoke out recently confirming the organization's commitment to take whatever steps necessary should the nation's economic standing continue its slide. Noting the Fed's willingness to make non-traditional decisions and policy changes in light of the country's challenging economy, Bernanke emphasized efforts to fiercely monitor price trends during a speech in Cleveland, Ohio.

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CRBC Gets Government Appointed Board Member

Citizens Republic Bancorp, Inc, has a new board member with the addition of William M. Fenimore Jr. Elected to CRBC├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós board of directors by the U.S. Department of Treasury, Fenimore├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós appointment was conducted in conjunction with the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós participation in the Treasury├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Capital Purchase Program.Citizens Republic Bancorp, Inc, has a new board member with the addition of William M. Fenimore Jr. Elected to CRBC's board of directors by the U.S. Department of Treasury, Fenimore's appointment was conducted in conjunction with the company's participation in the Treasury's Capital Purchase Program.

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Date: Expect Ability-to-Repay Rule in 2012

Fraud

Treasury special adviser Raj Date made headlines again after announcing Tuesday that the Consumer Financial Protection Bureau plans to finalize the ability-to-repay rule early next year. His remarks follow a series of other barnstorming speeches in the ramp-up for several rules. Once approved, the new rule, formerly proposed by the Federal Reserve, will broaden the scope of Regulation Z under Truth-in-Lending and prevent lenders from making loans to consumers without qualifying assets and income.

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CFPB Undaunted Nearly Two Months After Going Live

If recent remarks by Treasury adviser Raj Date signal anything, the Consumer Financial Protection Bureau means to press forward with the responsibilities enshrined for it under the Dodd-Frank Act. The CFPB holdover, who filled the shoes of Elizabeth Warren, now a Senate candidate, explored events in the lead-up to the controversial bureau even as an unwavering Republican opposition holds the line. Assuming responsibility for 18 consumer financial laws, the CFPB has moved forward with rules and proposals.

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Mortgage Rates Smash New Records on Europe Debt Fears

A rush by overseas investors to the safe haven of U.S. Treasury debt helped whittle away at yields and force mortgage rates to all-time lows, a short-term boon to creditworthy homebuyers. With the 30-year benchmark loan smashing new records, analysts for mortgage giant Freddie Mac and finance Web site Bankrate.com chalked up the favorable rates to a wobbly Greece and unsettled concerns over euro zone markets. Bankrate.com and Freddie Mac report the latest mortgage rates each week.

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HUD Scorecard Touts Initiatives Despite Housing Health

Housing market conditions remained fragile despite numerous initiatives put forward by the Obama administration, according to a recent scorecard released Thursday by HUD and the Treasury Department. The administration cited numerous industry-respected analytics sources and painted a helpful portrait of the homeownership and refinance endeavors it has made possible. Sources polled for the government gauge of housing and economic health included CoreLogic and Standard & Poor's, among others.

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