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

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

The principles they have announced are pretty consistent with the ones announced by me, said Mr. Obama. Advisers have made clear in recent days that they dont support every detail, but the big picture right now is more important to the White House than the details. Consider: six months ago, there wasnt much hope that both parties might find a way to work together on this issue anytime soon. 5.

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…

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Greek finance ministry fined over massive tax data leak

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.

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