More on Financial Services
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), ranking member of the Financial Institutions and Consumer Credit Subcommittee, today called for Elizabeth Warren to be nominated permanent Director of the Consumer Financial Protection Bureau (CFPB) at an oversight hearing of the subcommittee.
Maloney on bills to repeal assistance to homeowners and localities suffering in the foreclosure crisis
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) today introduced an amendment in the House Financial Services Committee to H.R. 839, "The HAMP Termination Act of 2011" sponsored by Patrick McHenry (R-NC), whose bill would abolish the “Housing Affordable Modification Program” which was established to assist three to four million homeowners in achieving mortgage modifications. The Maloney Amendment would extend the program to accommodate 500,000 more mortgages before it ends. “At best, this bill is a penny-wise-and-pound-foolish attempt to cut spending; in reality it will make things worse in the housing market. My amendment would help 500,000 more homeowners get the help they truly need and help stem the overall slide in the market,” Maloney said. “Recent housing price reports show that we are still dealing with the aftermath the housing bubble. Homeowners need more help. But the bills being debated in this committee eliminate most of the help that currently exists, and that’s just crazy. The prospect of more foreclosures which will further depress housing prices—that’s not what America needs right now.”
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) today introduced an amendment to H.R. 830, "FHA Refinance Program Termination Act", sponsored by Rep Robert J. Dold (R-IL), to require 500,000 additional underwater mortgages be refinanced by the Federal Housing Administration before the refinance program is terminated. Maloney made the following statement in introducing the amendment today in a markup on the bill before the House Financial Services Committee:
WASHINGTON, D.C. – This week, Gus Prentzas, who owns Pavilion Florals and Life Health & Fitness in Astoria, Queens, traveled to Washington to testify before a hearing of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. U.S. Rep. Carolyn Maloney (D-Queens, Manhattan), the ranking member and former chair of the subcommittee, welcomed Mr. Prentzas to Washington and introduced him before the subcommittee. A photo of Maloney and Prentzas is attached.
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee and Chair of its Subcommittee on Financial Institutions & Consumer Credit, made the following statement today upon the announcement of the merger of the New York Stock Exchange (NYSE) and Deutsche Börse: “This merger exemplifies the globalization of finance and preserves the centrality of New York City to the international financial marketplace. It strengthens the NYSE, preserving its physical trading floor and creating an entity with 55% of its shareholders in the U.S.
New York, NY – Today, U.S. Rep. Carolyn Maloney (D-Manhattan, Queens) applauded the Federal Housing Finance Agency (FHFA) for reversing a guidance it proposed last October that would have had an enormously destructive impact on mortgage lending in New York City. FHFA’s proposed guidance would have restricted federal housing finance agencies such as Freddie Mac and Fannie Mae, among others, from investing in or guaranteeing mortgages on real property, including cooperatives and condominiums, that require a transfer fee covenant, or “flip tax,” when the property is bought or sold.
Maloney, Slaughter call on Federal Reserve to revise proposed “ability to pay” rules implementing the Credit CARD Act to reduce impact on stay-at-home moms
WASHINGTON, DC – Reps. Carolyn Maloney (D-NY), principal author of the Credit CARD Act, and Louise Slaughter (D-NY), author of the law’s language aimed at curbing abuses aimed at those under 21 years of age, have called on the Federal Reserve to revise its proposed rule implementing the “ability to pay” requirements in the Credit CARD Act, which could curb the availability of credit to stay-at-home moms and other adults without certifiable income.
New York, NY – Today, U.S. Rep. Carolyn Maloney (D-Manhattan, Queens) wrote to the Federal Housing Finance Agency (FHFA) expressing her strong opposition to a proposed guidance issued by FHFA that would have an enormously destructive impact on mortgage lending in New York City. FHFA’s proposed guidance would prohibit federal agencies such as Freddie Mac and Fannie Mae, among others, from investing in or guaranteeing mortgages on real property, including cooperatives and condominiums, that requires a transfer fee, or “flip tax,” when the property is bought or sold. A copy of Maloney’s letter follows.
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) offered the following remarks in support of the Small Business Jobs and Credit Act of 2010, H.R. 5297, which passed the House today. Madam Speaker, the Small Business Jobs and Credit Act of 2010 (HR 5297) will strengthen our current economic recovery, by strengthening our small businesses. This legislation is sorely needed to bolster our small firms, which have lagged their larger counterparts in recovering from the Great Recession.
Maloney hails appointment of Elizabeth Warren to establish Consumer Financial Protection Bureau and Assistant to President
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) today hailed President Obama’s appointment of Elizabeth Warren to two positions: as Assistant to the President, and as Special Adviser to Secretary Timothy Geithner in charge of planning the new Bureau of Consumer Financial Protection established under the Dodd-Frank financial reforms, and issued the following remarks: “This appointment is a win-win for American consumers and for the new Bureau of Consumer Financial Protection. With these appointments, the President is keeping his ‘eye on the prize’-- he wants to get this bureau set up as fast as possible, as do all of us who support Mrs. Warren. It’s a terrific solution to problem of getting the perfect person in place to get this Bureau off the ground quickly,” Maloney said.