Legal News

(STATES) AZ Law Allows Post-Foreclosure Lawsuits
   A new Arizona law set to take effect Sept. 30 would allow lenders to sue homeowners to recover the balance of what is owed a lender if a foreclosure sale fails to produce the full amount of a mortgage balance. The law pits lenders against builders and real estate agents roiling the entire real estat...
posted 7/31/09 3:05 PM  read complete story

Treasury Approves Final Rule Aiding National Banks' CD Investment Power
   Treasury Dept. officials in the Office of the Comptroller of the Currency (OCC) are approving a final rule changing national banks' community development investment authority. The rule change as approved was written into last summer's Housing & Economic Recovery Act of 2008, the economic stimul...
posted 4/10/09 2 PM  read complete story

GAO Report Says Most TARP Distributions Used to Stabilize Financial Markets
   Barely $300 billion of the Treasury Dept's $700 billion in Troubled Asset Relief Fund (TARP) money that has been disbursed, and two-thirds of what is out there has been used by banks to stabilize financial markets. The Government Accountability Office (GAO) shows how TARP funds are being spent in t...
posted 4/1/09 4:48 PM  read complete story

Treasury Offers Plans to Restore Securities Markets, Buy Troubled Assets
   The Treasury Dept. announces details of a a new lending effort of up to $1 trillion to restore securities markets and offers new programs to buy banks' troubled assets, but their success will depend on their ability to attract private capital investors. The new Public-Private Investment Program (PP...
posted 3/24/09 3:54 PM  read complete story

Stimulus Package Boosts 2009 NMTC Allocations, Maximum Awards
   Treasury Dept. officials in the Community Development Financial Institutions (CDFI) Fund say the recent allocation of New Markets Tax Credits (NMTCs) in the economic stimulus package signed last month is allowing them to increase their allocation authority for the new round of projects and also incr...
posted 3/24/09 1:22 PM  read complete story

Economic Research Group Pitches Need for Third Housing Stimulus
   An economic research group is raising the possibility that a third housing stimulus -- anywhere from $300 billion to $450 billion in each of the next two years -- may be necessary to stabilize or create a rebound in housing markets nationwide. The report by Dean Baker, economist and co-director of ...
posted 3/19/09 4:36 PM  read complete story

Treasury Offers $75 Billion for Mortgage Cuts; Wants Judges to Alter Loans
   The Treasury Dept.'s Making Home Affordable Program (MHAP) provides a $75 billion program to reach as many as 4 million homeowners looking to change their loan terms, and another plan that would offer refinancing to millions more homeowners who are making payments but looking for help. The Obama ad...
posted 3/5/09 10:30 AM  read complete story

Transportation Officials to Move Quickly on Stimulus Public Transit Funds
   Local transit agencies can expect federal Transportation Dept. officials to begin sending formula-based funding for public transportation projects quickly in the wake of President Barack Obama's signing the new American Recovery & Reinvestment Act (ARRA). The new law contains $17 billion fo...
posted 2/20/09 5:36 PM  read complete story

Geithner Says Treasury to Soon Issue Plan to Aid Housing, Fight Foreclosures
   Treasury Secy. Timothy Geithner says the department will soon issue a new comprehensive plan to provide housing support and prevent foreclosures that builds on the efforts by Congress and the Federal Deposit Insurance Corp. The foreclosure prevention plan was among the last items announced as part ...
posted 2/10/09 5:43 PM  read complete story

NACEDA Seeks Senate Backing for House LIHTC Provisions in Stimulus
   The Nat'l Alliance of Community Economic Development Corporations (NACEDA) wants the Senate to include new economic stimulus package provisions improving the Low-income Housing Tax Credit (LIHTC) Program. The Senate is preparing to consider its version of an economic stimulus (S. 336) after the Hou...
posted 2/4/09 10:06 AM  read complete story