Pope Francis Names Panel to Overhaul Vatican Finance Structure

Russian Finance Minister: Quantitative Easing Was Key Issue at G-20

Their resignations followed the arrest on June 28 of a senior Vatican cleric in a corruption investigation thats part of a wider probe into the banks transactions. On July 10 the Vatican said it may extend its probe of suspicious bank transactions to people beyond Nunzio Scarano, the prelate arrested. Scaranos funds were frozen at the IOR. In 2012 the Holy See , the Vaticans central administration, posted a profit of 2.19 million euros ($2.83 million) even as donations from Catholics throughout the world fell, according to a July 4 statement. Last years earnings compare with a 14.9 million-euro deficit in 2011, the Holy See said today in a statement .

Further Progress on Housing Finance

July 20, 2013, 10:14 a.m. ET Russian Finance Minister: Quantitative Easing Was Key Issue at G-20 Text By Andrey Ostroukh MOSCOW–Implications of quantitative easing policies became the main issue at a meeting of finance minister and central bankers of the Group of 20 industrial and developing countries, the Russian finance minister said Saturday. G-20 finance ministers and central bankers met Friday and Saturday in Moscow to work on agenda and proposals for the group’s leaders’ meeting that will take place in St. Petersburg, Russia, in early September.

Housing Finance Jumps to 6-Week High on Outlook: Nairobi Mover

Mortgage interest rates will rise with any overhaul that brings in private capital, but this reflects that the system is now undercapitalized with taxpayers at risk. Before the financial crisis, private-label mortgages bundled into securities without a then-implicit guarantee provided by Fannie and Freddie had interest rates from 0.5 to 1 percentage point higher than loans backed by the two government-sponsored enterprises. It is hard to know quite how much rates would rise without a government backstop, but the housing market is in an upswing and affordability remains high, so it seems likely that the housing sector would continue to recover even with higher rates from both changes in housing finance and the Federal Reserves eventual normalization of monetary policy. The proposal for a fully private system contrasts with the bipartisan legislation introduced a few weeks ago by Senators Bob Corker, Republican of Tennessee, and Mark Warner, Democrat of Virginia, in which a government guarantee would kick in on covered mortgage-backed securities after private investors have first taken losses equal to 10 percent of the value of mortgages receiving the guarantee.

The shares advanced 3.9 percent to 27 shillings by 12:40 p.m. in Nairobi, the most on a closing basis since April 2. More than six times the three-month daily average of shares were traded. Housing Finance, which said in February it will build 500 homes this year, reported a 59 percent increase in first-half net income to 397 million shillings ($4.6 million) in a statement yesterday. Net interest income, the money earned from interest charges on loans, increased 58 percent to 1.38 billion shillings.

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