Items Tagged with 'Treasury'

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Trump aide, top Republican staffers, BlackRock exec among Mnuchin's top staff at Treasury

Treasury announces Secretary's senior staff
A former top aide to the campaign of President Donald Trump, two top Republican staffers, and a former executive at BlackRock will serve as the senior staff to Steven Mnuchin, the Department of the Treasury announced Friday. The four staffers will serve as key advisors on areas ranging from the federal budget, to tax reform, legislative issues, domestic finance, housing finance policy, and regulatory reform.
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It's official: Steven Mnuchin sworn in as Treasury Secretary

Senate approves former OneWest exec for cabinet post in largely partisan vote
Despite all the bluster, attempted parliamentary maneuvering, and name-calling from the Democratic party, the Senate voted Monday evening to approve Steven Mnuchin to serve as the next Secretary of the Department of the Treasury. As expected, the Senate approved Mnuchin in a partisan vote of 53-47, with one Democrat, Sen. Joe Manchin, D-West Virginia, splitting from his party and voting with the Republican majority.
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Fitch: Trump tax cuts could force another Fannie Mae, Freddie Mac bailout

Corporate tax rate cut could lead to additional Treasury draw
Speaking before a meeting with airline executives, President Donald Trump said Thursday that his administration plans to unveil a tax reform plan in the coming weeks, with changes to corporate and personal taxes likely on the agenda. While those changes would likely be well received by corporate America, a new report from Fitch Ratings suggests that cutting corporate tax rates by as much as the president suggested could lead to Fannie Mae and Freddie Mac needing another bailout from the government.
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Trump’s Treasury pick to divest assets after office confirmation

This includes one company invested in Fannie and Freddie
President-elect Donald Trump’s nominee for Treasury secretary, Steve Mnuchin, plans to divest his interests in 43 companies and investments to avoid conflicts, following recent concerns from Democrats on his background in Wall Street. And one of those companies holds a stake in Fannie Mae and Freddie Mac.
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Embattled Nevada housing agencies respond to allegations of wasted millions

Agencies suggest newly enacted changes should help more struggling homeowners
A recent bombshell report from a federal watchdog suggested that the agency in charge of Nevada’s portion of the government’s Hardest Hit Fund wasted $8.2 million that should have funded the program’s administration costs, while at the same time, drastically cutting the number of struggling homeowners admitted to the program. Now, the agency in question is responding to those charges, and claiming that the amount of wasted money is far less than the watchdog suggests – $8 million less, to be exact.
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"Pervasive culture of waste and abuse" discovered in Nevada Hardest Hit Fund program

Investigation finds contractor wasted $8.2M as help dried up for homeowners
Thanks to what investigators are calling a “pervasive culture of waste and abuse,” millions of dollars from the federal government that were supposed to help struggling Nevada homeowners keep their homes instead went to pay for cars, holiday parties, employee bonuses, employee gifts, employee outings, staff lunches, and a number of other wasteful expenses, a scathing investigation by a federal watchdog found.
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U.S. expands investigation into money laundering by foreign cash buyers

Government finds evidence of suspicious activities in high-end real estate
The federal government revealed Wednesday that its investigation into foreign buyers using high-end U.S. real estate as a means to launder money found that potentially illicit activity is behind a "significant" portion of the cash transactions in Manhattan and Miami, and plans to expand the investigation into Los Angeles, San Francisco, and several other areas.
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Obama administration presents a look at life after HAMP

Feds provide a preview of what's next
Time is ticking on the government's Home Affordable Modification Program and Home Affordable Refinance Program, as both will end on Dec. 31, 2016. In a comprehensive report published Monday, the Treasury, HUD, and the FHFA say that while these programs are set to end this year, the government plans to continue working with the mortgage industry on various loss mitigation programs moving forward, but caution that the industry needs to be prepared to do more.
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The fuzzy math of mortgage bankers

A response to MBA CEO David Stevens
In a recent HousingWire article published on Feb. 22, entitled "The Math Behind the Need for GSE Reform," Mortgage Bankers Association CEO David Stevens articulates several points relating to the conservatorships of Fannie Mae and Freddie Mac, which merit close scrutiny against the facts.
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