House finance regulator mulls action on “eminent domain” mortgage seizures

Frances gross domestic product shrank by 0.2 percent for the past two quarters the technical definition for a recession and data for the second quarter of the year wont be published until Aug. 14. But Pierre Moscovici told Corse Matin newspaper in an interview published Saturday that the recession is over, without revealing the second-quarter figures. More business news

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. The FHFA is weighing its legal options in any municipalities that approve loan restructuring programs. The agency is also considering preventing Fannie and Freddie from purchasing loans in those communities using eminent domain as a strategy for restructuring distressed mortgages. Both Fannie and Freddie, operating under federal conservatorship since they were taken over by the government in 2008 during the financial crisis, are some of the biggest buyers of private home-loan bonds.

Five Takeaways on Housing-Finance Reform From Obama’s Town Hall

Its hard to imagine a change of the Finance Minister at this moment. I wouldnt expect that. The zloty pared gains, trading less than 0.1 percent stronger on the day at 4.1913 against the euro at 2:54 p.m. in Warsaw. The yields on the governments two-year bonds rose two basis points, or 0.02 percentage point, to 2.95 percent, rising for a sixth day.

Polish Premier Mulls Dismissing Finance Minister, RMF Reports

which means the future could end up looking something like the pastjust not the very recent past. In some ways, its a return to earlier models, said Mr. Obama. Even before the housing bust, in which the U.S. government has backed the vast majority of new mortgages, federal entities have had a significant role in the housing market, beginning with the Federal Housing Administration in 1934 and Fannie Mae, which was a government agency created a few years later.

Finance Ministry detects over Rs 2,150 crore in tax evasion

The detection came through a unique initiative of online monitoring system of suspicious transactions, named ‘Virtual Office’, which was set up by the ministry earlier this year for real-time coordination among revenue intelligence agencies and dissemination of various inputs pertaining to movement of illegal funds. The Central Board of Direct Taxes (CBDT) has detected unaccounted income and assets of Rs 1,408 crore using this platform. The Directorate General of Central Excise Intelligence (DGCEI) and Directorate General of Revenue Intelligence (DGRI), two leading agencies under the Central Board of Excise and Custom (CBEC), have together detected indirect tax evasion of at least Rs 750 crore, according to an official document. These agencies, which are part of the Virtual Office programme, detected the evasion after following up the leads in form of Suspicious Transaction Reports (STRs) passed on to them by Financial Intelligence Unit (FIU), an agency tasked with analysing and disseminating information relating to dubious financial exchanges. Both DGCEI and DGRI have also effected a recovery of Rs 46.71 crore, on the basis of the STRs generated by the FIU, through Virtual Office.

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