The House Financial Services Committee approved its final version of a measure Thursday that would create a new federal regulator to oversee all consumer-facing financial instruments, including mortgages. After over a week of debate and mark-ups, the Consumer Financial Protection Agency Act of 2009 cleared the committee with a vote of 39 to 29 - the first hurdle for one of the administration's central pieces of financial regulatory reform.
Bank of America confirmed Wednesday that it will sell its First Republic Bank to a group of private equity investors for a price tag of more than $1 billion. The buyer consortium is led by First Republic's existing management and includes investment funds managed by Colony Capital, LLC and General Atlantic LLC.
Fitch Ratings cited declining fundamentals on collateral as it put a further $6.1 billion in commercial real estate loan collateralized debt obligations (CREL CDOs) on "Rating Watch Negative," bringing its entire rated universe in this type of security onto the negative watch. The cumulative delinquency rate for CREL CDOs is likely to exceed 15 percent by year-end, the firm said, even though asset managers have extended 70 percent of maturing loans since January.
Washington's threat to curb pay packages for banks and other lenders took concrete form as the Treasury Department's pay czar proposed steep compensation cuts at some bailed-out institutions and the Federal Reserve released proposals to review pay at the 28 largest banks.
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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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