justin's blog

 

  

 

 

 

 

On the first day of our 2010 Legislative Conference, a lively crowd from across the nation was addressed by NCSHA President Susan Dewey; Michael Barr, Assistant Treasury Secretary; William Apgar, S

On November 24, Treasury and IRS jointly announced the release of the 2009-2010 Priority Guidance Plan.  The

On December 8, Fannie Mae announced the below-linked new guidelines allowing loan servicers to consider loan modifications and other foreclosure prevention tools for borrowers who are current on their loans, but whose default is “reasonably foreseeable.” These new guidelines build on the streamlined loan modification program announced by the Federal Housing Finance Agency (FHFA) on December 15.

On December 10, House Financial Services Committee Chairman Barney Frank (D-MA) and other Committee members criticized Treasury’s management of the Troubled Asset Relief Program (TARP). Frank stated that Congress may oppose the release of the additional $350 billion in TARP funds unless Treasury shows that TARP-assisted banks are increasing lending and Treasury uses some of the TARP funds to prevent foreclosures.

On December 13, President-elect Obama announced Shaun Donovan, commissioner of New York City’s Department of Housing Preservation and Development (HPD), as his nominee for Secretary of HUD. Donovan took a leave of absence from HPD to work on Obama’s campaign.

On December 9, the House Oversight and Government Reform Committee held a hearing examining the role Fannie Mae and Freddie Mac played in creating the current financial crisis. Former Freddie Mac executives Leland Brendsel and Richard Syron and former Fannie Mae executives Daniel Mudd and Franklin Raines faced heavy criticism by both Democrats and Republicans who accused them of playing leading roles in the failure of the two institutions.

Congress continues to develop economic recovery legislation for rapid enactment after Congress reconvenes in January. Discussions remain fluid between House and Senate Democratic leaders and President-elect Obama on the size and contents of the legislation, but Speaker of the House Nancy Pelosi (D-CA) expects the recovery measure to cost between $500 and $600 billion.