Government

The Federal Reserve Bank of St. Louis launched a new Web site feature Tuesday, designed to help the public keep track of major regulatory developments in the government’s actions for financial system reform .

While many reputable real estate research firms have reported smaller declines in home prices in recent months, but declines nonetheless, the Federal Housing Finance Agency (FHFA) released a report today that says U.

The Treasury Department said last week that loan originations made by the nation’s largest banks grew modestly during the month of May, and according to a report issued this week by the Troubled Asset Relief Program’s (TARP) inspector general, a large majority of institutions who have received government bailout money say they’ve used the funds to write new loans.

The New York-based alternative asset management firm Fortress Investment Group LLC announced over the weekend that Daniel H. Mudd, Fannie Mae’s former chief, will take the helm at Fortress as the company’s new CEO.

After a four-month-long search process, Freddie Mac announced Tuesday that its board of directors named finance industry veteran Charles E. Haldeman, Jr. as the company’s new CEO and has elected him as a member of the board – a move that was widely expected, as DSNews.

Herb Allison, the Treasury’s new assistant secretary for financial stability and former CEO of Fannie Mae, told lawmakers at a Senate Banking Committee hearing last week that the administration is considering another housing proposal that would require lenders to allow previous homeowners to stay in their foreclosed homes as renters.

Wells Fargo says in the first half of 2009, through lower rates, refinances, and modifications, it alone has helped nearly one million American homeowners lower their mortgage payments or restructure their mortgage.

Purchasers of single-family foreclosed homes offered through Freddie Mac’s HomeSteps division will receive a comprehensive two-year home warranty paid for by Freddie Mac, the company announced Monday.

Subprime mortgage servicer Ocwen Financial Corporation announced Thursday that Steven B. Nesmith has joined the company as SVP and assistant general counsel for strategic and government initiatives. Nesmith was most recently a partner at Holland & Knight where he served in the affordable housing, financial services, and international trade practice areas.

The number of mortgage servicers under contract to perform government-sanctioned loan modifications as part of the administration’s Making Home Affordable program has expanded to 27. The nation’s largest lenders – JP Morgan Chase, Wells Fargo, Citi, the Bank of America-Countrywide conglomerate, and GMAC – have agreed to provide mortgage modifications under the federal guidelines, as well as specialty subprime servicer Ocwen Financial and a host of other well-known mortgage companies, including several credit unions and a servicer out of Puerto Rico.