Banks Show Willingness to Reform

[don]

July 1, 2009
Banks Balk at Agency Meant to Aid Consumers

By EDMUND L. ANDREWS

WASHINGTON — 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.

Industry executives vowed on Tuesday to fight Mr. Obama’s plan with everything they have, even though banks are still heavily dependent on many taxpayer-supported loans and loan guarantees to get through the crisis.

“It’s going to be a huge fight,” said Edward L. Yingling, president of the American Bankers Association.

The industry’s heated reaction presages an intense lobbying battle that is already beginning. Opponents include JPMorgan Chase and Wells Fargo as well as thousands of regional and local banks that have close ties to lawmakers in every part of the country.

http://www.nytimes.com/2009/07/01/bu...l?ref=business

[GRG55]

Re: Banks Show Willingness to Reform

July 1, 2009
Banks Balk at Agency Meant to Aid Consumers

By EDMUND L. ANDREWS

WASHINGTON — 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.

Industry executives vowed on Tuesday to fight Mr. Obama’s plan with everything they have, even though banks are still heavily dependent on many taxpayer-supported loans and loan guarantees to get through the crisis.

“It’s going to be a huge fight,” said Edward L. Yingling, president of the American Bankers Association.

The industry’s heated reaction presages an intense lobbying battle that is already beginning. Opponents include JPMorgan Chase and Wells Fargo as well as thousands of regional and local banks that have close ties to lawmakers in every part of the country.

http://www.nytimes.com/2009/07/01/bu...l?ref=business

They'll probably fight every other action ever proposed including this little grouping from Willem Buiter writing in the FT

[GRG55]

Re: Banks Show Willingness to Reform

July 1, 2009
Banks Balk at Agency Meant to Aid Consumers

By EDMUND L. ANDREWS

WASHINGTON — 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.

Industry executives vowed on Tuesday to fight Mr. Obama’s plan with everything they have, even though banks are still heavily dependent on many taxpayer-supported loans and loan guarantees to get through the crisis.

“It’s going to be a huge fight,” said Edward L. Yingling, president of the American Bankers Association.

The industry’s heated reaction presages an intense lobbying battle that is already beginning. Opponents include JPMorgan Chase and Wells Fargo as well as thousands of regional and local banks that have close ties to lawmakers in every part of the country.

http://www.nytimes.com/2009/07/01/bu...l?ref=business

The article makes it sound like the taxpayer's representatives in D.C. are the "good cops" in this so-called "reform" push. Not wishing to keep HARPing on about this, but are we sure anybody really wants to reform anything?

FHFA Authorizes Fannie Mae and Freddie Mac to Expand Home Affordable Refinance Program to 125 Percent Loan-to-Value

(News Source: Federal Housing Finance Agency)

Posted 07/01/09 5:14 PM EST

(WASHINGTON, D.C.) -- The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refinance Program (HARP) to homeowners who are current on their mortgage payments from the present loan-to-value ratio ceiling of 105 to 125 percent. With these expanded refinance opportunities, qualified borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will be allowed to refinance those loans according to the terms of the Home Affordable Refinance Program established earlier this year.

"I am pleased to join Secretaries Donovan and Geithner in announcing this expansion of the Obama Administration's Making Home Affordable program," said FHFA Director James Lockhart. "The higher LTV refinancings will allow more homeowners to strengthen their finances by taking advantage of lower mortgage rates...

[ThePythonicCow]

Re: Banks Show Willingness to Reform

July 1, 2009
Banks Balk at Agency Meant to Aid Consumers

By EDMUND L. ANDREWS

WASHINGTON — 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.

Industry executives vowed on Tuesday to fight Mr. Obama’s plan with everything they have, even though banks are still heavily dependent on many taxpayer-supported loans and loan guarantees to get through the crisis.

The history of the formation of the Federal Reserve alleges that some big bankers opposed the Fed in public, despite being the creators of it in private, so that the public would figure "bad for the banks, so must be good for the public."

They wouldn't try that one on us again, would they? Nah, no way. They're more honest now. :rolleyes:

[ax]

Re: Banks Show Willingness to Reform

The article makes it sound like the taxpayer's representatives in D.C. are the "good cops" in this so-called "reform" push. Not wishing to keep HARPing on about this, but are we sure anybody really wants to reform anything?

FHFA Authorizes Fannie Mae and Freddie Mac to Expand Home Affordable Refinance Program to 125 Percent Loan-to-Value

(News Source: Federal Housing Finance Agency)

Posted 07/01/09 5:14 PM EST

(WASHINGTON, D.C.) -- The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refinance Program (HARP) to homeowners who are current on their mortgage payments from the present loan-to-value ratio ceiling of 105 to 125 percent. With these expanded refinance opportunities, qualified borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will be allowed to refinance those loans according to the terms of the Home Affordable Refinance Program established earlier this year.

"I am pleased to join Secretaries Donovan and Geithner in announcing this expansion of the Obama Administration's Making Home Affordable program," said FHFA Director James Lockhart. "The higher LTV refinancings will allow more homeowners to strengthen their finances by taking advantage of lower mortgage rates...

This is hilarious. By the time any of these mortgages go through, rates will be 6.5% again. Nice of the credit card companies to jack up their minimums to 5% before legislation kicks in next month too. Wonder how many credit lines will get cut off as a result?