Federal Home Loan Mortgage : Obama administration unveils plan to expand affordable housing
The Obama administration on Thursday said it would tap Treasury funds to bolster the construction of affordable rental housing and extend the life of a program aimed at helping struggling homeowners avoid foreclosure.
The announcement by Treasury Secretary Jacob Lew was timed to coincide with the fifth anniversary of the Making Home Affordable program, an Obama administration initiative launched at the height of the economic crisis to revitalize the housing sector.
He said the program would be extended for at least another year. “We need to continue to be there for homeowners who are facing foreclosure, those who are struggling with increasing interest rates on their modified mortgages, and those whose homes are caught underwater,” Lew said in remarks prepared for delivery at an event to mark the program’s anniversary.
Lew also said the administration would use money from the Treasury Department’s Federal Financing Bank to help housing finance agencies fund the construction of more affordable rental housing.
Rep. Hensarling: SCOTUS ruling against recess appointments should apply to CFPB
The Supreme Court fired a huge salvo on the Obama administration, unanimously rebuking the White House for making recess appointments when Congress wasn’t actually in recess.
The court ruled that President Obama exceeded his Constitutional authority when he filled vacancies on theNational Labor Relations Board in 2012. The ruling only has an effect on those specific NRLB recess appointments, and not on previous such recess appointments made when Congress was not recessed.
(To read the Supreme Court opinion, click here.)
One such recess appointment not subject to the ruling is the director of the Consumer Financial Protection Bureau, Richard Cordray.
Cordray’s recess appointment, covered here at HousingWire, in January 2012, after Senate Republicans blocked the appointment in early December 2011.
L.A. City Council to vote on bolstering foreclosure registry
A measure to strengthen Los Angeles’ foreclosure registry took a key step forward Wednesday when it won the blessing of two City Council committees.
The measure would add a new fee on bank-owned foreclosures to fund inspections in a bid to keep empty houses from deteriorating and dragging down the value of neighboring homes.
A joint meeting of the council’s Budget and Finance and Housing committees voted 5 to 0 to recommend the measure, which will now go to the full City Council, probably within the next few weeks, said a spokesman for its sponsor, Councilman Gil Cedillo.
Head Of Fourth Largest Albanian Bank Assassinated In Broad Daylight
TIRANA (Reuters) – The manager of Albania’s fourth largest bank, Credins, was shot dead on Thursday as he entered his office in Tirana, police said.
Several witnesses said Artan Santo was shot at least five times by two men on a motorcycle at a busy crossroads just off Tirana’s main boulevard where the bank’s offices are located.
It was not immediately clear who was behind the killing. Police have offered a reward of 10,000 euros (7996 pounds) for anyone who can provide information on his killers.
Witnesses said Santo’s body lay for half an hour under a white sheet as police investigated the scene.
Bank of America : to cut 540 jobs at Charlotte legacy assets unit
(Reuters) – Bank of America Corp is laying off 540 workers at its loss-making legacy assets and servicing business, which handles delinquent mortgage loans.
The job cuts would affect about 60 percent of employees at the unit’s Charlotte, North Carolina, office who have received 60 days notice, bank spokesman Dan Frahm told Reuters.
Report: BNP Paribas May Face 1-Year Ban On Some Transactions
NEW YORK/PARIS June 25 (Reuters) – BNP Paribas is likely to be suspended from converting foreign currencies to dollars on behalf of clients in some businesses for as long as a year, according to sources familiar with the matter, an untested and severe penalty for the French bank accused of persistently violating U.S. sanctions laws.
The New York State Department of Financial Services, headed by Benjamin Lawsky, is near a deal with Paribas on the ban on currency conversions, known as dollar clearing, people said. The bar would be the first of its kind for a global bank.
The temporary ban is expected to be limited to certain business lines related to the underlying transactions in question, and it would span various geographic regions, one of the sources said on Wednesday. Business lines that have come under scrutiny include oil trade financing.