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Aug122013

Greek finance ministry fined over massive tax data leak








Fix the mortgage finance system






The country's bureaucratic and inefficient tax collection system is one of the reasons it slid into a debt crisis. Modernizing it is a key element of its 240-billion-euro EU/IMF bailout. The Hellenic Data Protection Authority said the General Secretariat for Information Systems (GSIS), the public sector's biggest data centre which falls under the finance ministry, was guilty of breach of duty. A 35-year-old computer programmer has been accused of hacking into finance ministry servers last year and stealing the personal data of roughly two thirds of the country's 11 million population. The programmer, who was arrested last November and is awaiting trial, is suspected of attempting to sell 9 million files containing identification card data, addresses, tax ID numbers and licence plate numbers.














Obama Endorsement Builds Momentum for Housing-Finance Overhaul




Obama Speech on U.S. Economy, Housing Market

Taking the path of least resistance and allowing the GSEs to again entrench themselves deeper and deeper into our system of housing finance would be irresponsible and foolish, Corker said in a statement. Its time to seize on the growing momentum to move beyond the broken Fannie and Freddie model. To contact the reporters on this story: Cheyenne Hopkins at Chopkins19@bloomberg.net ; Clea Benson in Washington at cbenson20@bloomberg.net To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net 30:16 Aug. 6 (Bloomberg) -- President Barack Obama speaks in Phoenix about progress made in repairing the nation's economy and housing market, and his proposals to help complete the housing recovery. The president said private capital must take a bigger role in the nations mortgage market with the U.S.







NY finance official on the warpath against Native American payday lenders






We cant help but think that an overzealous regulator is discriminating against tribes by targeting us, he said. Tribes have long suffered under the hands of both the federal and state governments, and state governments are very jealous of their jurisdiction. Tribes are used to having to fight against states. Financial experts also weighed in, saying that Lawskys demand for the lenders to shut down is unwarranted and would limit consumer options. New York consumers who take out these supposedly short-term loans quickly get caught in a vicious cycle of long-term debt, the letter reads . The loans become difficult if not impossible to pay off due to the triple- and quadruple-digit interest rates, together with overdraft fees. But John Berlau, a scholar from the free-market Competitive Enterprise Institute, says Lawskys claim is misleading.










After five years, though, there is movement toward reforming a big part of the system. At the moment, the market for new mortgages is almost entirely government-backed through Fannie Mae, Freddie Mac or the Federal Housing Administration. In Phoenix on Tuesday , Mr. Obama rightly argued that the situation must change, that private finance should again be the backbone of the system.




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Aug112013

Ahead of data, French finance minister declares recession over, but stays cautious on growth











Frances gross domestic product shrank by 0.2 percent for the past two quarters the technical definition for a recession and data for the second quarter of the year wont be published until Aug. 14. But Pierre Moscovici told Corse Matin newspaper in an interview published Saturday that the recession is over, without revealing the second-quarter figures. More business news







Car finance experts Car Loan 4U comments on the Jaguar XFR-S






Macclesfield, Cheshire (PRWEB UK) 9 August 2013 Jagaur has launched its new XFR-S model, which is on sale now and priced at 79,995. The XFR-S is powered by a 543bhp 5.0-litre V8 supercharged engine and comes with an eight-speed automatic gearbox and rear-wheel drive. When it comes to hitting the road, the XFR-S can go from 0 to 62mph in 4.4 seconds and has a top speed of 186mph. Car Loan 4U Director Ryan Dignan, comments: Theres tough competition out there when you look at the likes of the BMW M5 and the Mercedes-Benz E63 AMG, and the XFR-S would appear to be Jaguars answer. Its certainly a powerful saloon, which is both fast and stylish, and comes complete with features such as adjustable sports seats and a bespoke front bumper.









House finance regulator mulls action on "eminent domain" mortgage seizures






Mr. Obama didnt quite say it this way, but the way he spoke suggested he might not be opposed to such a structure. 4. The Corker-Warner bill is a good start Mr.







Five Takeaways on Housing-Finance Reform From Obama?s Town Hall






On Wednesday, an investor group filed a federal lawsuit against the northern California city in a bid to stop the plan. The lawsuit was filed in a northern California court by mortgage bond trustees Wells Fargo and Deutsche Bank on behalf of an investor group that includes Pacific Investment Management Co, or PIMCO, BlackRock Inc and DoubleLine Capital LP. The use of eminent domain powers to restructure distressed mortgages has been debated by communities for more than a year and has been controversial with Wall Street banks and bond investors from the start. Alfred Pollard, FHFA's general counsel, said in a memorandum posted on the agency's website on Thursday that the uncertainty surrounding the use of eminent domain raises several issues, including its possible impact on the mortgage market and potential losses that Fannie Mae and Freddie Ma could incur.




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Aug112013

Siena Lending Group Closes Credit Facility With Wells Fargo Capital Finance








Housing finance, beyond Fannie and Freddie




A housing tax credit that helps

Siena is run by the former executive team of Burdale Capital Finance, Inc., the U.S. Asset Based Lending Division of Bank of Ireland. Bank of Ireland's $1.2 billion U.S. ABL portfolio was sold to Wells Fargo in 2012, and the core team was re-launched as Siena.









Greek finance minister says euro zone needs common debt market






Some critics blame Fannie and Freddie's troubles on government mandates to finance more loans for lower-income Americans. But Wall Street firms started the rush into risky subprime and exotic loans; Fannie and Freddie just followed their competitors' lead. The real problem with Fannie and Freddie was that the public assumed correctly, as it turns out that the government wouldn't allow them to fail, making them more attractive to lenders and investors. They grew too big and took on far too much risk, precipitating a $187-billion bailout.










Continuing the discussions initiated by Finance Minister P Chidambaram yesterday, Economic Affairs Secretary Arvind Mayaram held a meeting of senior officials, including Additional Secretary (Capital Markets) K P Krishnan and top tax officials. Some announcements are likely to be made by the Ministry on Monday, either in Parliament or outside, sources said. The steps being contemplated by the Ministry to check the rupee fall and boost forex flows include further relaxation of external commercial borrowing (ECB) norms for state-owned companies, curbs on import of non-essential goods and encouragement to exports. Mayaram, after a meeting of the Financial Stability and Development Council in Mumbai earlier this week, had said, "You should wait till the end of the week.







Finance ministry works overtime to firm up steps to arrest rupee fall




CBI gets ready to fight govt in SC to defend its autonomy

Credit: Reuters/Yorgos Karahalis ATHENS | Fri Aug 9, 2013 7:39am BST ATHENS (Reuters) - The euro zone needs a common debt market to exit the crisis, Greece's finance minister Yannis Stournaras said on Friday. "The euro zone must deal with its main problems," Stournaras said. "A banking union... an economic policy which combines fiscal consolidation and growth, not all countries can impose austerity ... and the most important: a common debt market, but this probably at the end." Stournaras added that Greece, which is in its sixth year of recession, needs a primary budget surplus and growth before it returns to the bond markets.




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Aug102013

Polish Premier Mulls Dismissing Finance Minister, RMF Reports











The zloty weakened on the news. The dismissal would be a done deal if Tusk had a good candidate to replace Rostowski, the radio said on its website , citing a politician it didnt name from the ruling Civic Platform party. The government doesnt comment on press speculation, Konrad Niklewicz, a spokesman for Tusk, said by phone from Warsaw. Tusks party has fallen behind the opposition Law and Justice in opinion polls as the government struggles to revive the economy, which is set to growth at the slowest pace since the 1990s this year. Rostowski last month announced plans to widen this years budget deficit and suspend rules limiting fiscal stimulus to aid recovery.














Car finance experts Car Loan 4U comments on the Jaguar XFR-S






Macclesfield, Cheshire (PRWEB UK) 9 August 2013 Jagaur has launched its new XFR-S model, which is on sale now and priced at 79,995. The XFR-S is powered by a 543bhp 5.0-litre V8 supercharged engine and comes with an eight-speed automatic gearbox and rear-wheel drive. When it comes to hitting the road, the XFR-S can go from 0 to 62mph in 4.4 seconds and has a top speed of 186mph. Car Loan 4U Director Ryan Dignan, comments: Theres tough competition out there when you look at the likes of the BMW M5 and the Mercedes-Benz E63 AMG, and the XFR-S would appear to be Jaguars answer.







Finance Ministry working on additional steps to contain rupee fall






The new measures being considered by the Finance Ministry are in addition to steps taken recently by the Reserve Bank to tighten liquidity and curb volatility in the rupee, which touched a life-time intra-day low of 61.80 to the dollar on August 6. The RBI yesterday announced it would auction Rs 22,000 crore of bonds every Monday to suck out liquidity and check speculation in the forex market. Earlier, the central bank had raised the Marginal Standing Facility rate to make borrowing from the RBI expensive for banks. The RBI and the government have also taken steps to curtail imports of gold.




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Aug102013

Obama Endorsement Builds Momentum for Housing-Finance Overhaul









Obama Speech on U.S. Economy, Housing Market

in the hopes that shareholders could recoup some profits. Theyve also been lobbying Congress to allow Fannie Mae and Freddie Mac to become private companies again instead of liquidating them. Some lawmakers say that makes them more determined to act. Taking the path of least resistance and allowing the GSEs to again entrench themselves deeper and deeper into our system of housing finance would be irresponsible and foolish, Corker said in a statement. Its time to seize on the growing momentum to move beyond the broken Fannie and Freddie model. To contact the reporters on this story: Cheyenne Hopkins at Chopkins19@bloomberg.net ; Clea Benson in Washington at cbenson20@bloomberg.net To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net 30:16 Aug.














Five Takeaways on Housing-Finance Reform From Obama?s Town Hall






Well get rid of Fannie and Freddie as they currently exist You cant have an institution in which the government is underwriting and guaranteeing all the mortgage lending thats taking place around the country and big profits are being made by these quasi private institutions, said Mr. Obama. And then if things go wrong suddenly taxpayers are on the hook. 2. but the government will still be there, in some fashion The long-term goal is to have the private market get in there and provide those loans, said Mr.







House finance regulator mulls action on "eminent domain" mortgage seizures






The FHFA is weighing its legal options in any municipalities that approve loan restructuring programs. The agency is also considering preventing Fannie and Freddie from purchasing loans in those communities using eminent domain as a strategy for restructuring distressed mortgages. Both Fannie and Freddie, operating under federal conservatorship since they were taken over by the government in 2008 during the financial crisis, are some of the biggest buyers of private home-loan bonds. If eminent domain plans went forward, they would risk losses on bond investments.




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