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Daily Archives: March 1, 2009

Freddie Mac Announces Resignation of CEO David Moffett

News release: “Freddie Mac today announced that its chief executive officer, David Moffett, has notified the chairman of the board of directors of his resignation from his position as chief executive and as a member of the board effective no later than March 13, 2009. The board of directors is working with the Federal Housing Finance Agency (FHFA) to appoint a successor to Moffett.”

  • New York Times: “The resignation came a few days after Freddie Mac said it needed at least $15.2 billion in government aid because it lost nearly $59 billion last year as the foreclosure crisis mushroomed. The company said on Thursday that it lost $25.2 billion, or $4.47 a share, in the fourth quarter, compared with a loss of $3.6 billion, or $3.80 a share, a year earlier.”
  • New York Times: Fannie and Freddie Are Unlikely to Be Restored: “Despite assurances that the takeover of Fannie Mae and Freddie Mac would be temporary, the giant mortgage companies will most likely never fully return to private hands, lawmakers and company executives are beginning to quietly acknowledge.”
  • Related postings on financial system
  • New on LLRX.com – Social Networking Online and Criminal Justice

    Criminal Law Resources: Social Networking Online and Criminal Justice – The activities of users and the information being posted on social networking sites are having wide ranging effects on the administration of justice, law enforcement investigation, prosecution and defense. Ken Strutin’s guide provides a snapshot of many of the novel and varied uses of social… Continue Reading

    HUD Information Related to the American Recovery and Reinvestment Act of 2009

    HUD Information Related to the American Recovery and Reinvestment Act of 2009 (Recovery Act) HUD Implementation of the Recovery Act Community Development Block Grant Project-Based Rental Assistance Lead Hazard Reduction/Healthy Homes Homelessness Prevention Fund Tax Credit Assistance Program Public Housing Capital Fund – Formula Funding Allocations by State Transparency and Accountability Guidelines Related postings on… Continue Reading

    State and Federal Resources on the Stimulus Package

    DOE Information Related to the American Recovery and Reinvestment Act of 2009 EPA Information Related to the American Recovery and Reinvestment Act of 2009 (Recovery Act) National Conference of State Legislatures Summary on Human Services Provisions Recovery.gov: State Recovery Sites and State Certifications and Agency Recovery Sites – “Many state websites [and different agencies and… Continue Reading

    New Rules Would Bar Genetic Discrimination

    Workforce Management: “Employers would be prohibited from making hiring, firing and other personnel decisions on the basis of workers’ genetic predisposition to a disease under rules to be proposed this week by the Equal Employment Opportunity Commission. The proposals, which are open for public comment over the next two months, also would bar employers from… Continue Reading

    POGO's Top Five Recommendations for Increasing Revenue and Cutting Costs

    “In his recent address to the joint session of Congress, President Obama announced that he has “begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs.” The President has released his FY 2010 budget proposal, but POGO would like to provide additional recommendations that are not captured… Continue Reading

    CBO: Options for Deploying Missile Defenses in Europe February 2009

    Options for Deploying Missile Defenses in Europe, February 2009 “This Congressional Budget Office (CBO) study — prepared at the request of the Chairman and Ranking Member of the House Armed Services Committee’s Strategic Forces Subcommittee — examines the cost and potential defensive capability of the proposed European Ground-Based Midcourse Defense (GMD) system. It also explores… Continue Reading

    FTC Releases List of Top Consumer Complaints in 2008

    “The Federal Trade Commission released the list of top consumer complaints received by the agency in 2008. The list, contained in the publication Consumer Sentinel Network Data Book for January-December 2008, showed that for the ninth year in a row, identity theft was the number one consumer complaint category. Of 1,223,370 complaints received in 2008,… Continue Reading

    FDIC Quarterly Banking Profile

    “The Quarterly Banking Profile (QPB) is a quarterly publication that provides the earliest comprehensive summary of financial results for all FDIC-insured institutions.” Report Date: December 31, 2008, released February 26, 2009 Complete QBP: “Expenses associated with rising loan losses and declining asset values overwhelmed revenues in the fourth quarter of 2008, producing a net loss… Continue Reading