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Today's News:

GSEs Ponder Raising Loan-to-value Ratios to Drive More Refinances
The regulator of Fannie Mae and Freddie Mac indicated the two government-sponsored entities may gain expanded authority under the Home Affordable Refinance Program to approve mortgages with loan-to-value ratios as high as 125 percent.

Banks Balk at Agency Meant to Aid Consumers
New York Times | July 1, 2009
Banks and mortgage lenders are placing top priority on killing President Obama's proposal to create a new consumer protection agency that would regulate home loans, credit card fees, payday loans and other forms of consumer finance.

Download legislative text for proposed Consumer Financial Protection Agency

Consumer Protection on Wide Scale
Wall Street Journal | July 1, 2009
The Obama administration's proposed consumer-protection agency would have broad oversight for a range of products, beefing up the government's regulation of credit cards, mortgages and gift cards, as well as expanding its authority over financial firms, including companies providing settlement services and title insurance.

Mortgage Applications at 7-month Low
Reuters | July 1, 2009
Mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30%, data from an industry group showed today.

Buying That Bank to Get Tougher
Wall Street Journal | July 1, 2009
The Federal Deposit Insurance Corp. on Thursday is expected to propose new guidelines for private-equity investors seeking to buy failed banks, people familiar with the matter said. The issue is a tricky one for the FDIC. It wants to open the door for more types of investors to buy failed banks, reducing the potential cost to the agency of bank collapses. At the same time, it wants to prevent largely unregulated private-equity firms from acting too aggressively.

Freddie Set To Name CEO, Source Says
Washington Post | July 1, 2009
Freddie Mac, the McLean mortgage finance giant under federal control, is preparing to name Charles E. Haldeman Jr. as its new chief executive, a source familiar with the matter said. Haldeman stepped down yesterday as a top executive at Putnam Investments, a Boston mutual fund company.

Home Prices Fall at Slower Rate in April
Washington Post | June 30, 2009
Home prices fell again in April, but at a slower rate, suggesting some parts of the housing market could be stabilizing, according to the Standard & Poor's/Case-Shiller Home Price Index released today.

Loan Modifications Up During First Quarter
Washington Post | July 1, 2009
Lenders modified more troubled loans during the first quarter, according to a government report released today, but a growing number of borrowers are falling behind on their payments.

U.S. Economy: Home-Price Slide Eases, Consumer Confidence Drops
Bloomberg | July 1, 2009
The home-price slide eased in April, underscoring signs the U.S. economy began to stabilize in the second quarter, while a drop in consumer confidence this month warned of a muted recovery.

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