Comments submitted by CRL and National Council of La Raza concerning the proposed revision of theConsumer Financial Protection Bureau to its final rulemaking onremittance transfers under the Electronic Fund Transfers Act (EFTA).

Chairman Jeb Hensarling announced today that the Financial Services Committee will hold a series of hearings throughout the year that focus on the financially troubled Federal Housing Administration, the FHA's outsized role in the nation's housing finance system, and the need to create a sustainable mortgage finance system. The FHA's single-family insurance fund, which insures more than $1 trillion worth of home mortgages, has a negative economic value of $16.3 billion, according to an  actuarial report  released by the Department of Housing and Urban Development in November.  This means that if the FHA stopped writing new business today, it could not cover the losses anticipated on loans it has already insured. "The FHA is broke - bailout broke.  We need a sustainable mortgage finance system that gives hardworking Americans opportunities to buy homes they can actually afford to keep.  Today, however, the FHA's dire financial condition and dominance of our housing finance system are a clear and present danger to every taxpayer who is now at great risk of having to fund yet another Washington bailout.  Without serious reform, FHA may become the next Fannie Mae and Freddie Mac," said Chairman Hensarling, referring to the two federally chartered mortgage finance companies that have already received a taxpayer bailout of almost $200 billion. The committee's first two FHA hearings will take place in February, Chairman Hensarling said today. On Feb. 6 at 9:00 a.m., the committee will hear from a panel of housing finance experts and analysts about the FHA's financial condition and its role in the housing market.  The hearing will take place in room 2128 Rayburn House Office Building. On Feb. 13 at 10:00 a.m., FHA Commissioner Carol Galante will testify before the committee on the November 2012 actuarial report that revealed the FHA is on the verge of requiring a taxpayer bailout...

A top Obama administration housing official said the administration would renew its push to expand refinancing options for underwater homeowners during a speech at an industry and investor conference in Las Vegas on Tuesday.

The Federal Reserve said Wednesday it will maintain its asset buying at $85 billion a month and stick to its commitment to hold interest rates near zero until unemployment falls to at least 6.5 percent. The central bank decision, which followed a two-day meeting, had been widely expected, especially after a surprising decline in U.S. economic growth for the fourth quarter.

FOR IMMEDIATE RELEASE 2013-15 Washington, D.C., Jan. 30, 2013 — The Securities and Exchange Commission today charged five former real estate executives who defrauded investors into believing they were funding the development of five-star destination resorts in Florida and Las Vegas when they were actually buying into a Ponzi scheme. Additional Materials SEC Complaint The SEC alleges that Cay Clubs Resorts and Marinas raised more than $300 million from nearly 1,400 investors nationwide through a network of hundreds of sales agents, marketing seminars, and podcasts that touted the profitability of purchasing units at Cay Clubs resort locations.  Investors were promised immediate income from a guaranteed 15 percent return and a future income stream through a rental program that Cay Clubs managed.  But instead of using investor funds to develop resort properties and units, the Cay Clubs executives used new investor deposits to pay leaseback returns to earlier investors.  Meanwhile they paid themselves exorbitant salaries and commissions totaling more than $30 million, and investor funds also were misused to buy airplanes and boats.  While still advertising itself as a profitable venture, Cay Clubs eventually abandoned its operations. Many investors’ properties went into foreclosure. “These Cay Clubs executives lined their pockets with millions of dollars that they told investors would be used to develop five-star resort properties,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “They continued to defraud investors as Cay Clubs collapsed.”  The SEC’s complaint filed in U.S. District Court for the Southern District of Florida charges the following former Cay Clubs executives: Fred Davis Clark, Jr. – president and CEO David W. Schwarz – chief accounting officer Cristal R. Coleman – manager...

Based on information from the December 2012 REALTORS® Confidence Index Survey, distressed (foreclosed and short sale) property sold at a 16-17 percent discount in December. The discount to market is affected by the property's physical condition. The unweighted average price discount for the period January-December 2012 is about 15 percent for houses in above average [...]

"The report, noisy as it is, may help ease ideas that has surfaced earlier this month that the Fed may look to soon pull back from its asset purchases," said one strategist in response the surprise drop in GDP for the fourth quarter.

TARP Watchdog Spars With Treasury on Ally Financial Exit Businessweek The U.S. Treasury and the watchdog for its bailout program are sparring over whether the department has an adequate exit plan for auto lender Ally Financial Inc. (ALLY). "While Treasury has noted that it has several options for possible divestment, including a ... and more »

Applications for U.S. home mortgages tumbled last week after three consecutive weeks of gains.

BofA Argues AIG Can't Sue Over Devalued Mortgage Bonds Bloomberg Bank of America Corp. lawyers asked a federal judge to dismiss American International Group Inc. (AIG)'s fraud claims over devalued Countrywide Financial mortgage-backed securities it had to sell as part of the government bailout. U.S. District Judge ...

(Reuters) - The U.S. Treasury needs to develop a concrete plan for exiting its 74 percent stake in auto lender Ally Financial Inc, the second-largest remaining recipient of federal bailout dollars, an internal watchdog said in a report released Wednesday.