Homebuyers could feel the pinch if Congress follows through on proposals to shut down Fannie Mae and Freddie Mac, the government-run mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis. (Matt York / Associated Press / August 6, 2013) Also By The Times editorial board August 8, 2013 President Obama this week joined lawmakers from both parties in calling for Congress to wind down Fannie Mae and Freddie Mac , the privately owned but government-backed companies that supply most of the funding for home mortgages in this country. There is now a clear consensus in Washington in favor of shrinking the government’s role in housing finance. The tough question that remains, though, is how far to go.
Car finance experts Car Loan 4U comments on the Jaguar XFR-S
On Wednesday, an investor group filed a federal lawsuit against the northern California city in a bid to stop the plan. The lawsuit was filed in a northern California court by mortgage bond trustees Wells Fargo and Deutsche Bank on behalf of an investor group that includes Pacific Investment Management Co, or PIMCO, BlackRock Inc and DoubleLine Capital LP. The use of eminent domain powers to restructure distressed mortgages has been debated by communities for more than a year and has been controversial with Wall Street banks and bond investors from the start. Alfred Pollard, FHFA’s general counsel, said in a memorandum posted on the agency’s website on Thursday that the uncertainty surrounding the use of eminent domain raises several issues, including its possible impact on the mortgage market and potential losses that Fannie Mae and Freddie Ma could incur. “There is a rational basis to conclude that the use of eminent domain by localities to restructure loans for borrowers that are “underwater” on their mortgages presents a clear threat to the safe and sound operations of Fannie Mae, Freddie Mac and the Federal Home Loan Banks as provided in federal law,” Pollard wrote.
House finance regulator mulls action on “eminent domain” mortgage seizures
When it comes to hitting the road, the XFR-S can go from 0 to 62mph in 4.4 seconds and has a top speed of 186mph. Car Loan 4U Director Ryan Dignan, comments: Theres tough competition out there when you look at the likes of the BMW M5 and the Mercedes-Benz E63 AMG, and the XFR-S would appear to be Jaguars answer. Its certainly a powerful saloon, which is both fast and stylish, and comes complete with features such as adjustable sports seats and a bespoke front bumper. You also get a host of equipment including 20-inch alloy wheels, carbon-fibre rear diffuser and 17-speaker stereo. Motorists looking to get their hands on a new or used Jaguar might want to consider their car finance solutions and as leading car finance providers, Car Loan 4U can help provide expert advice.
Greek finance ministry fined over massive tax data leak
Modernizing it is a key element of its 240-billion-euro EU/IMF bailout. The Hellenic Data Protection Authority said the General Secretariat for Information Systems (GSIS), the public sector’s biggest data centre which falls under the finance ministry, was guilty of breach of duty. A 35-year-old computer programmer has been accused of hacking into finance ministry servers last year and stealing the personal data of roughly two thirds of the country’s 11 million population. The programmer, who was arrested last November and is awaiting trial, is suspected of attempting to sell 9 million files containing identification card data, addresses, tax ID numbers and licence plate numbers. “Despite the volume of data it handles and how crucial it is, GSIS does still not have…