House Amendment Allows Dismantling of ‘Too Big to Fail’ Firms

A House Financial Services Committee amendment that passed this week would empower federal regulators to dismantle financial firms considered “too big to fail.” The amendment, authored by House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises chair Paul Kanjorski (D-PA), was included to the Financial Stability Improvement Act with a vote of 38-29. The amendment would allow the dismantling of large firms whose collapse would put the US economy in risk, even if those firms appear to be well capitalized... more»

FHA Condo Financing Evaporating

[Update 1: clarifies time line of the new guidelines] In a letter to lenders, the Federal Housing Agency (FHA) produced new guidelines that would constrict financing for condominiums beginning. Since then, brokers and condo owners report that FHA financing for condos is going from a flood to a trickle. In a letter released Nov. 6, the FHA provided temporary guidance effective for all case numbers assigned on or after Dec. 7, 2009 through Dec. 31, 2009. The FHA provided the letter to address current housing market conditions. The spot approval process will... more»