The California Assembly voted 49 to 14 today to approve a Realtor-backed measure expanding protections for homeowners who have refinanced their mortgages, according to the California Association of Realtors.
The bill, SB 1178, now goes to Gov. Arnold Schwarzenegger’s desk. If signed, the law would take effect in June 2011.
The association didn’t say whether the governor [...]
Mortgage-protection bill sent to governor is a post from: Mortgage Insider
The California Senate reversed itself today and overwhelmingly passed a measure expanding mortgage protections to homeowners who have refinanced their original home loans.
By a 30-4 vote, the Senate adopted SB 1178, which would prohibit lenders from seeking repayment from homeowners when a foreclosed home is worth less than its mortgage balance. The body voted 19-5 [...]
Realtor-backed mortgage measure passes Senate is a post from: Mortgage Insider
The California Association of Realtors is fighting an uphill battle to extend loan protections to homeowners who have refinanced their mortgages.
Alex Creel, CAR’s chief lobbyist, said the state Senate is likely to reconsider the plan Thursday. The body rejected it on a 19-5 vote last week, he said.
At issue is a proposal that would forbid [...]
Realtors fight to expand loan protections is a post from: Mortgage Insider
The latest from Bloomberg:
President Barack Obama called for limiting the size and trading activities of financial institutions as a way to reduce risk-taking and prevent another financial crisis.
The proposals will be part of an overhaul of regulations and would specifically prohibit banks from running proprietary trading operations or investing in hedge funds and private equity [...]
President Barack Obama today called for a special fee on the 50 biggest financial firms. A bank economist and an independent economist react:
Scott Anderson, senior economist, Wells Fargo
Anderson said much of the losses Obama mentions actually went to nonbanks like failed insurance giant AIG and General Motors.
“To just tax the 50 largest banks is probably [...]
President Obama is likely to propose a fee on financial companies to help close the budget deficit and recoup some taxpayer funds used to bolster the financial system, reports the New York Times (with a nod to Politico.com).
However, the administration wants to avoid a transaction tax that would be passed on to consumers.
The Times story [...]
Federal Reserve Chairman Ben Bernanke said this in a speech Sunday (PREPARED TEXT HERE) …
… the most important source of lower initial monthly payments, which allowed more people to enter the housing market and bid for properties, was not the general level of short-term interest rates, but the increasing use of more exotic types of [...]
Bloomberg reports the U.S. House voted to tighten rules for derivatives and create powers to break apart healthy financial firms that threaten the economy. Here’s more:
Lawmakers voted 223-202 to set up a Consumer Financial Protection Agency, expand oversight of hedge funds and build a $150 billion industry fund the government would use to take apart [...]
House passes financial reform bill is a post from: Mortgage Insider
(Update II: Quotes added from defendants attorneys.)
The Securities and Exchange Commission today charged three former executives of failed Irvine-based subprime lender New Century Financial with fraud for allegedly misleading investors as the business was “collapsing” in 2006.
Robert Khuzami, the agency’s director of enforcement, said, “New Century shareholders took a double-hit: The company’s mortgage assets and [...]
