HOMETOWN DEMOCRACY
How much would the Hometown Democracy constitutional amendment - which would force voters to approve any proposed land use change - cost local governments? The Supreme Court is currently hearing arguments about the wording of the amendment’s financial impact statement, which must also appear on the ballot.
FORECLOSURES
The head of the Federal Reserve urged Congress to do more to help at-risk homeowners. "Doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers. It’s in everybody’s interest," said Federal Reserve Chairman Ben Bernanke.
SUBPRIME MORTGAGES
It’s official: Federal authorities have formed a task force to determine if lenders or Wall Street firms participated in fraud during the mortgage boom years, though it’s too early to say if any crime was committed. The task force includes the Federal Bureau of Investigations and United States Postal Inspection Service.
JUMBO LOANS
United States Representative Barney Frank, Democrat from Massachusetts, said Monday that the House Financial Services Committee would hold a May 21 hearing to find out why so-called jumbo mortgages remain difficult to get and continue to carry high interest rates, despite new rules that took effect April 1.
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