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Banking & Financial Services Legislative Alerts
While it’s widely agreed that permanent law is not a perfect long-term solution, it’s far preferable to passing a trillion-dollar spending bill that is full of food and farm welfare.
Americans for Prosperity Foundation (AFPF), the sister organization of Americans for Prosperity, has submitted a comment to the Federal Housing Finance Agency (FHFA) in response to the agency’s notice regarding the “Use of Eminent Domain to Restructure Performing Loans.” Recently, Ed DeMarco, acting director of the FHFA, publicly expressed opposition to the plan being considered by the county of San Bernardino in California to utilize the power of eminent domain to seize and refinance underwater mortgages with the assistance of Mortgage Resolution Partners, a California-based investment firm.
AFP is deeply concerned about the practice of lending money and extending credit to foreign companies that buy U.S. exports.
As long as federal intervention in housing persists, the best thing we can hope for is the kind of behavior we currently are seeing from Ed DeMarco, the acting director of the Federal Housing Finance Agency (FHFA). Despite a rising outcry from progressive critics, DeMarco has made a small step to prevent further government intervention in housing by refusing to allow Fannie Mae and Freddie Mac to provide principal reduction on their loans. In doing so, DeMarco has defended American taxpayers from having to pay even more to cover for the fallout of the 2008 collapse.
Last week, Visa and MasterCard settled a lawsuit brought against them by a variety of merchants who were tired of the arrangement that they had sign onto to pay the cost of swipe fees. Merchants believed that customers would choose to pay with cash to receive a lower price (up to 3%) on products if they were aware that merchants were charging them more to pay with plastic.