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Obama backs bill to restrict banks from imposing credit card interest rates

WASHINGTON, April 24, 2009 - Seizing on the surging unpopularity of credit card companies, the Obama administration on Thursday threw its support behind legislation moving through Congress that would restrict banks from imposing higher fees and interest rates on consumers.

Following up on pledges he made during the campaign to curtail the high fees and rates, President Barack Obama met at the White House on Thursday with top executives from the nation's largest credit card companies to pressure them to take steps that officials say would reduce abusive practices.

The meeting comes as the House prepares to adopt new restrictions on credit cards. Lawmakers said Thursday that they had agreed to make some amendments that were being sought by senior White House officials, including a provision that would require credit card companies to first apply consumer payments to any debt that has the highest interest rate.

On Wednesday the House Financial Services committee overwhelmingly approved a bill that would reduce many fees and limit the ability of the credit card companies to charge penalties. The bill, sponsored by Rep. Barney Frank, D-Mass., and Rep. Carolyn B. Maloney, D-N.Y., was adopted 48-19.

NEW RESTRICTIONS

The bill would put into law most of the credit card restrictions adopted last year by the Federal Reserve, and also would impose new rules on the industry.

It would, for instance, prohibit the companies from marketing credit cards to minors. It also would require the companies to provide more information to regulators and permit consumers to order the companies to set their credit limits at amounts lower than the card company was willing to offer.

Congressional aides said the measure could reach the House floor as early as next week, and they predicted swift passage.

A similar bill was adopted by the Senate banking committee three weeks ago, but its narrow passage and opposition from all of the committee's Republican members indicated an uphill battle.

LOBBYISTS, GOP ALLY

Industry lobbyists have been working closely with Senate Republicans to try to block the passage, although the White House's recent push for the measure could make that difficult.

Industry executives and lobbyists say that the proposals are unnecessary because the Federal Reserve has already adopted a series of restrictions that will go into effect next year.

They say the legislation would have the effect of further reducing lending at a time when credit card companies and consumers are facing tight credit restrictions because of the difficulty of obtaining financing in the secondary markets.

PPIP Public-Private Investment Program

The Federal Deposit Insurance Corp. said Thursday that the focus of the government's Public-Private Investment Program would be on residential and commercial real estate.

The PPIP, introduced by the U.S. Treasury Department Monday, is designed to help banks to rid themselves of loans that hurt their operations and capital. The program will give guarantees and some leverage to private investors to buy such loans.

Real estate is where the biggest problem lies, the FDIC said during a conference call, and therefore the program will focus on those areas first, but could later include other consumer and commercial loans.

Las Vegas Sands is seeking flexibility to reduce debt

Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, may seek to buy back as much as $800 million of bank loans and said it hired Goldman Sachs & Co. to negotiate credit amendments.

Las Vegas Sands is seeking flexibility it works to reduce debt and meet lender requirements and has “no present plans” to purchase loans, Sheldon Adelson, the company’s chief executive officer, said in a telephone interview today.

“It’s an option more than anything else,” Adelson said.

Shrinking gambling revenue forced the company to halt construction of a $12 billion development in Macau, the only place in China where gambling is legal. Adelson, who has quarreled with his executives over strategy, is seeking investors to complete the project while also looking for ways to lower debt. With permission from lenders, Las Vegas Sands could retire debt at a discount to its face value.

“Buying back something of your own that’s selling cheap” is one motivation for a potential repurchase, Adelson said. “The other opportunity is to reduce the thing and give us more wiggle room on our covenants.”

Internal conflicts have led to the loss of high-level executives at the Las Vegas-based company, including the resignation of Bradley H. Stone, executive vice president and president of global operations and construction, disclosed in a regulatory filing today.

Stone’s departure follows the termination of President William Weidner this month, and the subsequent resignation of director James Purcell, who objected to the Weidner’s firing over conflicts with Adelson.

Buyback Financing

Las Vegas Sands climbed 40 cents, or 15 percent, to $3.05 today in New York Stock Exchange composite trading, boosted by a Standard & Poor’s Leveraged Commentary & Data report about the debt buyback citing unidentified sources.

The company would finance a buyback with cash holdings of about $2.8 billion, said Adelson, who raised $2.1 billion in November, including his own money.

The buybacks would be conducted via a modified Dutch action that would establish a $25 million face-value minimum on each offer, the company said in today’s filing with the U.S. Securities and Exchange Commission. The program would be in effect through September 2010.

The effective date and terms of Stone’s resignation haven’t been determined.

‘Serious People’

Adelson met with a group of companies from Hong Kong and other Asian countries are considering investing in Las Vegas Sands’ operating Macau properties, the Sands, Venetian and Four Seasons, he said.

He also met with two construction companies that may invest in the stalled construction of Macau phases five and six on the Cotai Strip to get the buildings finished, Adelson said.

“They are serious people, we believe they have the money and they’re going to start due diligence process now,” Adelson said today, declining to identify any of the potential investors.

Las Vegas Sands will sell two Macau malls and expects initial bids by April 15, Adelson said. Some investors have suggested keeping the properties until retail and real estate markets recover, he said.

“No option is going to be off the table,” Adelson said. “There’s no assurance that anything’s going to be done. There’s probably as good a possibility of something not being done.”

Low interest rates boost Mortgage forecast

Low interest rates have led the Mortgage Bankers Association to boost its forecast for 2009 mortgage originations by $800 billion, to $2.78 trillion. That total would be the fourth-highest ever, behind 2002, 2003 and 2005.

This boost is due entirely to an expected increase in mortgage refinancing because of the rate drop after last week's Federal Reserve announcement that it would buy another $750 billion in mortgage-backed securities, and the new Fannie Mae and Freddie Mac refinance programs that are part of the Obama Administration's Making Home Affordable plan, the association said in a news release. It actually slightly lowered its forecast for new mortgages tied to purchases because of falling sales volumes and prices.

The association now estimates refinancings will total $1.96 trillion this year and new purchases $821 billion, compared with original predictions of $1.13 trillion and $851 billion, respectively.

The Fed's move should bring rates to lows not seen since the late 1940s and early 1950s, Jay Brinkmann, the Mortgage Bankers Association's chief economist, said in the release.

The association noted that nearly all of the new loans this year would meet guidelines for Fannie Mae and Freddie Mac or the Federal Housing Administration, compared with the large volume of subprime and jumbo loans in 2002, 2003 and 2005.

The refinancing volume will "test the operational capacity" of a mortgage industry that has fewer players than it has in recent years, has ramped up scrutiny of loans and is already busy trying to rework troubled loans, Brinkmann said.

How long the low interest rates will last depends on the total volume of securities issued and the reaction of other investors, he said. "The effect on rates will largely be determined by whether other investors stay in the market or shy away from Treasuries due to expectations of future inflation and the declining value of the dollar. If so, the effect on rates will be more short-lived and our revised refinance forecast prove too optimistic."

The association projects that sales of total existing homes will drop 2.5 percent this year from 2008, sales of new homes will plunge by about 39 percent and prices will drop by 5 to 6 percent.

"Even with amazingly low interest rates, lower home prices and the first-time homebuyers tax credit, it is unlikely that we will see an increase in overall home sales until we see some stabilization of employment," Brinkmann said.

White-collar job cuts at General Motors started

DETROIT — Dreaded white-collar job cuts at General Motors Corp. started Tuesday as the wounded automaker began to deliver on promises to the government to shrink its work force so it can be profitable at lower sales levels.

On Tuesday morning, GM told 160 people at its manufacturing engineering operations in Warren, Mich., that they would be laid off as of April 1, spokesman Tom Wilkinson said.

It's the beginning of 3,400 salaried layoffs in the U.S. and part of the 47,000 job cuts that GM wants to accomplish worldwide by the end of the year, Wilkinson said.

"It will impact every area of the business. Some of those will be through normal attrition, but there will be a significant number of involuntary separations coming from now through the early part of May," Wilkinson said.

Tuesday's cuts were mainly engineers, coming as GM's North American manufacturing footprint shrinks to match reduced sales and market share.

The company has announced the closure of nine assembly, parts stamping and powertrain factories since the end of 2005, and it plans to close five more factories.

"These are good capable people," Wilkinson said of those being laid off. "The reductions are just necessary to implement the viability plan and restructure the business to make it self-sustaining."

GM is living on $13.4 billion in government loans and has requested another $16.6 billion to weather the worst auto sales downturn in 27 years.

Chrysler LLC also is taking government loans. The company has received $4 billion so far and wants another $5 billion.

Both companies were required to submit restructuring plans to the Treasury Department on Feb. 17 showing how they can become viable and repay the loans. The deadline for finalizing the plan is a week away, on March 31.

Besides the salaried job cuts, GM plans to cut 18,000 more U.S. blue-collar workers by the end of the year. Tuesday is the deadline for hourly workers to accept buyout and early retirement offers.

Detroit-based GM, which now employs 243,000 people across the globe, will give roughly two weeks of severance pay to employees for each year they have worked. That includes base salary plus the company's share of most benefits.

The automaker has 29,650 salaried employees and 62,400 blue-collar workers in the U.S.

GM workers have until midnight Tuesday to decide if they will take $20,000 cash and a $25,000 car voucher to leave the company.

Chrysler blue-collar workers also are facing a similar dilemma with the deadline approaching on Friday. They can get $75,000 cash buyout and a $25,000 voucher to buy a car to leave the company. Workers eligible for early retirement can get $50,000 and a $25,000 car voucher.

GM and Chrysler workers have balked at the offers due to uncertainty over whether the government will make more loans to keep the automakers afloat or let them go into bankruptcy protection. UAW local leaders say many will apply for the buyout and early retirement packages and perhaps rescind the offers if the companies get more government loans.

Workers have seven days to rescind their applications.

- AP

400 Dollar Policy Loan for Reform Program

The World Bank Board of Executive Directors accepted on Feb. 3 a US Dollar Four Hundred million loan for the next Programmatic Reform Implementation Development Policy Loan (PRIDPL-2) in hold up of the government’s reform program.

It as well gives a supplementary row of financing to countenance the collision of the global economic crisis.

Particularly, the proposal will hold up changes in three important areas recognized and prioritized by the government:

(i) Hold up for the social safety mesh to encourage proper labor markets and social enclosure, so that every citizens can gain from communal development plan.

(ii) Accomplishment of an innovative tax plan that get better the scheme’s effectiveness and justice.

(iii) Enhancement in commerce atmosphere and resources market increase so as to boost the quality and quantity of savings by promoting a new rigid framework for the capital market, improves the imbursement system, revise the legal scheme, and improve the accountability and clearness of in order in the public and private monetary sector, in the middle of others.

Mortgage Fees Rising Quickly

A current report about Mortgage Loan says that, there is a quick rise in the rate of mortgage allied fees over the last year, making reasonability for possible buyers even harder. The rocketing fees are probable to additional impact on the slowing real estate market, with even less buyers capable to get on top of the real estate ladder.

In the last year mortgage fees have rose up by approximately 20%, and a lot of clients will find that they need to spend thousands of pounds only to get a mortgage, and after that may elevated interest rates and lay down a huge deposit on peak of these fees.

In 2008 August the normal mortgage arrangement fee rise up to £740. Conversely, by July of this year the standard mortgage arrangement fee has gone to around £890, its a rise of 20%. Officials have said that elevated mortgage arrangement fees are one of the ways in which money lenders are trying to boost profits at an occasion when a lot of lenders and banks are experiencing severe financial troubles due to issues with raising money on the comprehensive money markets.

One industry official said: With the present challenges facing the mortgage market, it is not shocking to see that fees have risen by a lot. This means that it has not at all been more significant to appear at the true rate of your mortgage, taking into account the interest rate but also every fee and charges that you have to pay.

Another executive said that there was no strong sign that the circumstances was improving yet some lenders had decreased interest rates. She said: It is too early to say that we have in conclusion turned the corner. We want to see additional extended period of rate decline, something which is opening to look not likely.

Even though the normal two-year exchange rate is healthy below its climax of 6.52% in mid-June, in the previous couple of days exchange rates have in progress to border up again. If this goes on we might see money lenders yet again passing the amplified rate back onto customers.’

Reducing Student Loan Interest Rates

"The bill would reduce lender yield, impose new fees on lenders making consolidation loans and reduce insurance provided to lenders on defaulted loans. These budget cuts, when coupled with those made last year, risk the ability of lenders to invest in technology, enhance customer service and offer benefits to borrowers," the Consumer Bankers Association said in a statement last week.

In the Senate, however, the bill is unlikely to be taken up as stand-alone legislation. But it is expected to be considered as part of the upcoming debate over the Higher Education Reauthorization Act, said Bill Parsons, ACE's associate director of government relations.

Part of that debate is likely to include a discussion about whether to increase the maximum offered to students by need-based Pell grants to $5,100 from $4,050 per year. The Pell Grant hasn't been changed since the 2002-03 academic year.

Also, Senator Ted Kennedy (D-Mass.), chairman of the Senate Health, Education, Labor and Pensions Committee, has said he would support legislation that caps college graduates' monthly loan payments at no more than 15 percent of their income, forgives loans to graduates who go into public service and extends interest rate cuts to loans made to parents, according to the National Journal publication Congress Daily.

Even if the Senate does approve a similar measure to the House bill on student loan rate reduction, it may face a presidential veto. The White House on Tuesday evening issued a statement opposing the House legislation.

"Reducing student loan interest rates would direct federal subsidies to college graduates, not to students and their families who are struggling to meet current and future educational expenses," the statement said.

In fact, the legislation would apply the lower rates to all subsidized loans taken out by current and future college students during a five-year period starting July 1, 2007. (Unless extended, the legislation would expire in 2012.) So the student who locks in the low rate during school would reduce how much he or she repays upon graduation.

The administration also said it opposed the bill because it would encourage more student debt and noted that the White House would back more grant support for low-income students. Grant money front-loads the aid benefit because it immediately reduces the cost of college for a student, and it is money that doesn't need to be repaid, whereas a large loan, even at a lower rate, can still prove onerous for a student to repay after graduating.

New Subsidized Stafford Loans Rates may drop

The House of Representatives on Wednesday voted in favor of legislation that would cut in half the fixed interest rates on need-based Stafford loans for undergraduates over five years.

The bill was introduced last week by George Miller (D-Calif.), chairman of the House Education and Labor Committee.

The College Student Relief Act of 2007 could save the average borrower an estimated $4,400 over the life of the loan, according to the Education and Labor Committee. The average student borrower with need-based loans has an average of $13,800 in debt, according to the Congressional Research Service.

The American Council on Education (ACE) estimates that the provisions of the bill would help approximately 5.5 million low- and middle-income students.

Under the terms of the bill, the rates on new subsidized Stafford loans for college students would fall from 6.8 percent currently to 6.12 percent in 2007, 5.44 percent in 2008, 4.76 percent in 2009, 4.08 percent in 2010 and 3.40 percent in 2011.

The estimated cost of the House bill is close to $6 billion over five years, which would be paid for by reducing the profits and increasing the fees of the top 1 percent of student loan providers that participate in the Federal Family Education Loans (FFEL) program. That top 1 percent of lenders is made up of about 30 companies that provide 90 percent of all student loans.

Not surprisingly, the lenders are less than pleased. They contend that the cuts to their bottom line will have an impact on student borrowers.

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