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From: "DSNews.com Editor"
Date: Thu, 17 Sep 2009 08:16:40 -0400
To: <roballeyrealtor@gmail.com>
Subject: Your Daily Dose from DSNews.com
As the economic recovery kicks off, executives at Citigroup Inc. are working on a strategy to reduce the federal government's 34-percent stake in the banking giant - a plan that would ultimately turn a profit for the taxpayers who funded the bailout in the first place. Washington officials confirmed that they'd had weekend talks with Citigroup and said they don't have a problem with unloading some of their 7.7 billion shares in the New York firm, as long as it is able to raise offsetting capital. Citi says it can provide that capital, and then some.
The House of Representatives passed two housing measures this week designed to assist certain borrowers of Federal Housing Administration loans, earning kudos from some of the nation's largest trade groups in the mortgage and housing industries. The 21st Century FHA Housing Act, approved late Tuesday night, would beef up the FHA on a number of administrative fronts, while the FHA Multifamily Loan Limit Adjustment Act passed Wednesday is designed to make FHA loans more accessible to borrowers in urban multi-family housing projects.
The government's program to modify mortgage loans has clearly led to foreclosures being postponed in California, but they have not yet been cancelled pending trial period results, according to ForeclosureRadar's monthly report on the California market.
The FDIC announced Wednesday that Residential Credit Solutions placed the winning bid in a pilot sale of assets to test the funding mechanism for the government's Legacy Loans Program. The asset portfolio consisted of $1.3 billion in residential mortgages that the FDIC took over from Houston's Franklin Bank when it was shut down last year.
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