Senate Banking Committee Chairman Chris Dodd has introduced new reform legislation that would create a new independent agency to set the rules for mortgages and place tight restrictions on how large lenders conduct their business. Even though he lacks bipartisan support for the bill, Dodd says he's moving forward to reach a compromise that can be passed. But already, mortgage industry groups are voicing their concerns with the reform package - the Consumer Financial Protection Bureau, in particular.
The Federal Reserve offered the same guarded outlook and careful phrasing that the markets have been hearing for several months when its board members emerged from their meeting Tuesday. The committee voted to hold its benchmark federal funds interest rate at 0 to 0.25 percent. And although some analysts are growing uneasy with the Fed's pledge of indefinitely low rates, policymakers reasserted that "economic conditions will warrant exceptionally low levels for an extended period." The central bank also stuck by its plan to cease purchases of mortgage bonds at the end of this month.
The Five Star Institute (FSI) is carving out its place in the commercial real estate sector. FSI is hosting its first-ever Commercial Default 360 conference, from April 5-7 in Dallas, Texas. The conference provides a forum for mortgage default servicing professionals to collaborate with key asset stakeholders from the commercial real estate sector, to address the challenges the market faces in the wake of rising delinquencies, complex commercial mortgage restructurings, looming foreclosures, and swollen portfolios of repossessed assets.
Over the weekend, regulators closed down Manhattan's Park Avenue Bank, citing ineffective management and inadequate capital. And on Monday morning, the failed bank's former president and chief executive, Charles J. Antonucci Sr., found himself in handcuffs - the first person to be charged by the federal government with defrauding the Troubled Asset Relief Program (TARP).
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