Breaking from the norm that has prevailed for most of the year, there's only one bank failure to report on this week - San Joaquin Bank in Bakersfield, California. San Joaquin's collapse follows no bank closures the week prior – the first time that has happened since the week of June 8th. So, does the lull in the FDIC's closure announcements mean the pace of bank failures is subsiding?
After weeks of intense wrangling, the House Financial Services Committee gave Obama's financial regulatory reforms a watered-down victory, approving a bill Thursday to bring derivatives under federal supervision and create a new agency that protects consumers from abusive credit practices. The bill's advance through the House, though, came at a price for the Democratic agenda: It exempts virtually all community banks from oversight by the new federal regulator, the Consumer Financial Protection Agency.
Hedge funds went into an asset-building frenzy over the past few months, according to an industry trend report issued Thursday. The summer of 2009 was also active in fund launches, and with the renewed energy came a dash to pick up new talent.
Industry trade groups are still lobbying for a reprieve to the new Real Estate Settlement Procedures Act (RESPA) rules, set to take effect January 1. But Federal Housing Commissioner David Stevens says HUD will not bend beneath the industry's pleas for a delay.
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Rob Alley, Realtor
Keller Williams Realty
540-250-3275
roballeyrealtor@gmail.comhttp://www.charlottesvillevarealestate.blogspot.com http://www.robsellscharlottesville.comOh, by the way, I am never too busy to work any of your referrals.
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