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Results: 1-10 of 31

Fed Chairman Bernanke and former Fed Chairman Volcker send letters to Senator Dodd opposing amendment permitting GAO to audit the Fed
  • Alston & Bird LLP
  • USA
  • May 7 2010

Yesterday, current Federal Reserve Chairman Ben Bernanke and former Federal Reserve Chairman Paul Volcker sent separate letters to Senator Christopher Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, expressing their opposition to proposed amendments to the Senate financial regulatory reform bill that would permit the Government Accountability Office (GAO) to audit the Federal Reserve


Obama administration hosts Conference on the Future of Housing Finance
  • Alston & Bird LLP
  • USA
  • August 18 2010

As previously announced, the Obama administration yesterday held a "Conference on the Future of Housing Finance" to receive input from a diverse group of experts, including citizen advocacy groups, economists, investors, market researchers, originators, securitizers, servicers, and private mortgage insurers, on critical issues surrounding housing finance reform


Federal Reserve announces Reserve Bank income and transfers to U.S. Treasury for 2009
  • Alston & Bird LLP
  • USA
  • January 12 2010

Today, the Federal Reserve Board announced preliminary unaudited results confirming that the regional Reserve Banks had paid approximately $46.1 billion of their estimated 2009 net income of $52.1 billion to the U.S. Treasury, after providing for the payment of $1.4 billion in statutory dividends to member banks and using $4.6 billion to equate surplus to paid-in capital


Latest developments in the foreclosure documentation crisis
  • Alston & Bird LLP
  • USA
  • October 19 2010

Various developments have occurred this week relating to the heightened concern over defective foreclosure processes and the moratoriums on foreclosure proceedings instituted by certain financial services companies, including Bank of America and GMAC, a subsidiary of Ally Financial


Senate Appropriations Subcommittee holds hearing on role of FHA in addressing housing crisis
  • Alston & Bird LLP
  • USA
  • April 6 2009

Late last week, the Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development, and Related Agencies held a hearing today to address the role of the Federal Housing Administration (FHA) in addressing the housing crisis


Chrysler bankruptcy judge approves GMAC as preferred lender for dealers
  • Alston & Bird LLP
  • USA
  • May 13 2009

Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles


Treasury Department releases fact sheet and letter in support of additional IMF funding
  • Alston & Bird LLP
  • USA
  • May 18 2009

Today, the U.S. Treasury Department released a fact sheet on IMF reforms and the New Arrangements to Borrow (NAB), highlighting the need for additional IMF funding as a trigger for “restoring a healthy world economy,” and alleviating the effects of the economic crisis on emerging markets and developing countries


Financial Crisis Inquiry Commission holds field hearing in Miami, Florida
  • Alston & Bird LLP
  • USA
  • September 21 2010

Today, the Financial Crisis Inquiry Commission (FCIC) held the third in a series of four field hearings, entitled "The Impact of the Financial Crisis - Miami, Florida" to examine the role and impact of mortgage fraud in Miami


Multiple state attorneys general initiate probe of foreclosure practices of Ally Financial
  • Alston & Bird LLP
  • USA
  • September 28 2010

Various state attorneys general have initiated probes of the foreclosure practices of Ally Financial Inc.’s GMAC mortgage unit after Ally announced last week that it had not instituted a moratorium on residential foreclosures in 23 states, but rather that it had suspended evictions and post-foreclosure closings in the 23 states while it conducted a review of defective foreclosure practices


NAFH National Bank acquires all the deposits of two institutions in Florida and one institution in South Carolina in second use of OCC “shelf charter”
  • Alston & Bird LLP
  • USA
  • July 19 2010

On Friday, the Florida Office of Financial regulation closed Metro Bank of Dade County, headquartered in Miami, Florida, and Turnberry Bank, headquartered in Aventura, Florida, and the OCC closed First National Bank of the South, headquartered in Spartanburg, South Carolina