Showing posts with label charge. Show all posts
Showing posts with label charge. Show all posts

Saturday, August 31, 2013

DUI charge for Lamar Odom

Police: Odom was driving in a "serpentine manner at 50 mph"He "was unable to perform his field sobriety tests"Odom is a 14-year NBA veteran and husband of Khloe Kardashian

(HLNtc.com) -- Basketball star Lamar Odom was arrested early Friday on suspicion of driving under the influence of alcohol or drugs, the California Highway Patrol said.

The incident began at 3:25 a.m., when the 33-year-old athlete was observed driving in a "serpentine manner at 50 mph," a highway patrol report said. Police pursued his white Mercedes SUV for about three miles before Odom stopped, the report says.

Odom "showed objective signs of intoxication and he was unable to perform his field sobriety tests," police said in a news release. He was taken to Van Nuys Jail, where he refused all chemical tests, it said.

With bail set at $15,000, Odom was released at 8:30 a.m. with a promise to appear at the Van Nuys Courthouse on September 27.

In 2001, Odom admitted to having violated NBA drug policies twice.

"I've made a couple (of mistakes) and I may make a couple again, but hopefully they won't be as big as this one," Odom told reporters then.

Khloe Kardashian, who married Odom in 2009 after a 30-day courtship, tweeted about her frustrations last weekend after rumors surfaced that her husband was addicted to pain medications.

"Really hard to sit here and listen to people talk (expletive) about my family! (Expletive) you and shame on you! I'm too protective for this (expletive)!" the reality figure tweeted on August 25.

Odom and Kardashian have starred in their own show, "Khloe and Lamar," which aired on the E! network.

Odom is a free agent who has played in the NBA for 14 years, for the Los Angeles Lakers, Dallas Mavericks and, most recently, the Los Angeles Clippers.

/* push in config for this share instance */cnn_shareconfig.push({"id" : "cnn_sharebar2","url" : "http://www.cnn.com/2013/08/30/showbiz/lamar-odom-dui-arrest/index.html","title" : "NBA player, TV figure Lamar Odom arrested on DUI charge"});

Handbags reviews and advice for best reference here

Sunday, August 11, 2013

Brown to be booked on hit and run charge

Chris Brown must report for booking within a weekBrown's rep previously said they expected hit and run charge to be droppedTraffic charge could mean jail for Brown because of his probation in Rihanna beatingBrown faces trial to determine whether he violated probation

Los Angeles (CNN) -- Two charges against Chris Brown were dropped Tuesday, but the singer is still accused of hit and run after a minor traffic crash.

Brown's lawyer entered a not guilty plea on his behalf and a judge ordered him to show up at a sheriff's station within a week to be officially booked on the charge, according to a court spokesman.

var currExpandable="expand13";if(typeof CNN.expandableMap==='object'){CNN.expandableMap.push(currExpandable);}var mObj={};mObj.type='video';mObj.contentId='';mObj.source='showbiz/2013/06/25/nr-brown-arrest-warrant-for-a-hit-and-run.cnn';mObj.videoSource='CNN';mObj.videoSourceUrl='http://newsroom.blogs.cnn.com/category/anchors/brooke-baldwin/';mObj.lgImage="http://i2.cdn.turner.com/cnn/dam/assets/130625115243-chris-brown-06252013-story-body.jpg";mObj.lgImageX=300;mObj.lgImageY=169;mObj.origImageX="214";mObj.origImageY="120";mObj.contentType='video';CNN.expElements.expand13Store=mObj;The prosecutor dismissed charges of driving without a license and driving without proof of insurance during a hearing Tuesday in a Van Nuys, California, court.

Brown allegedly sped away from the accident scene in May after a confrontation with the driver of another car, having refusing to provide his name, driver's license and insurance information.

The hit and run charge threatens Brown's freedom since it led a judge to revoke his probation last week in connection with his conviction in the beating of his girlfriend, Rihanna. The judge allowed Brown to remain free until a trial is held.

A Brown representative said last week that the singer expected all of the charges to be dropped and probation reinstated this week.

Brown, 24, was already facing a probation violation trial after prosecutors accused him of not completing the community labor ordered for his 2009 felony assault conviction.

Brown was ordered to return to court on August 16 for a hearing to set a trial date to determine if the probation revocation will stand. If it does, Los Angeles County Superior Court Judge James Brandlin could order Brown to jail to serve part of the original five-year jail sentence imposed for the attack on Rihanna.

A woman whose Mercedes was allegedly rear-ended by a Range Rover that Brown was driving on a Los Angeles street told investigators that he "went ballistic" after the traffic accident and screamed at her.

According to the police report on the incident, the other driver, Olga Gure, quoted Brown as shouting at her: "You are a b---h!"

The report added more from Gure, who quoted Brown as saying, "Who do you think you are, b---h? Do you think if you driving Mercedes so got money, b---h? Do you think I am just a black n----r? I got more money than you, b---h!"

The trigger for Brown's alleged rage was that Gure took a photo of him and his girlfriend, Karrueche Tran, to document the scene -- since he allegedly refused to show her his driver's license, she said.

When Brown tried to grab the camera, Tran screamed, "Don't touch her, don't touch her," Gure said.

"I was so shocked that I was speechless," she said. "Just a moment ago he was a nice guy. After screaming some insulting nonsense for a while longer, he slammed a door and drove away fast and noisy."

Brown's Twitter defense

Brown used his Twitter account to protest the traffic charges last month:

"It's not a hit and run if u get out the car, exchange information (who has NO DAMAGE to either cars).This is really ridiculous"

"I have a valid drivers license and I gave the woman the right info. She saw cameras and wanted to make a scene."

"She contacted the cops thinking of a payday from Chris Brown when I followed the proper procedures."

"My lawyers will be contacting you. I will not stand for this bullying and yellow journalism!"

"My profile pic is the pic I took of the persons car after "the hit and run". NO damage. Just a dirty car. once again, I gotta clear my name"

"I work my ass off to provide for my entire family. I've made mistakes in the past and have worked hard to be a better person. "

"19-24 years of age. I don't have all the answers and you can't show me a person that age who has it figured out. We live and grow. Let me live"

Other probation violation charge

Brown punched Rihanna inside a rented Lamborghini on a Hollywood street, leaving her face bruised and bloody on the eve of the Grammy Awards in February 2009.

He entered a guilty plea seven months later and was sentenced to serve five years' probation and to spend more than 1,400 hours in "labor-oriented service" for the assault conviction. The judge allowed him to serve the sentence in Richmond, Virginia, under the direct supervision of the police chief.

In a court filing in February 2013, prosecutors accused Brown of not completing the community labor. The paperwork Brown submitted to show he had completed community labor is "at best sloppy documentation and at worst fraudulent reporting," District Attorney Jackie Lacey said. Brown wasn't in town on some of the dates reported, the motion said.

Geragos, Brown's attorney, said the prosecutor's filing was so fraudulent that he would ask the judge to punish the deputy district attorneys involved and call for a contempt of court hearing for filing false documents with the court.

"And I don't mean just false, it is fraudulent," Geragos said.

The Los Angeles County district attorney's office has "tortured" Brown during his probation more than any client he's ever had, Geragos said.

The prosecutor is asking the judge to order him to restart his 1,400 hours of community service under the supervision of a Los Angeles probation officer.

CNN's Carolyn Sung contributed to this report.

/* push in config for this share instance */cnn_shareconfig.push({"id" : "cnn_sharebar2","url" : "http://www.cnn.com/2013/07/23/showbiz/chris-brown-court/index.html","title" : "Chris Brown ordered booked on hit and run charge"});

Handbags reviews and advice for best reference here

Monday, April 9, 2012

Hanson holds off charge by Mickelson at Masters

AUGUSTA, Ga. (AP) — Phil Mickelson set off roars at Augusta National with a 20-foot eagle putt for a share of the lead, and an amazing flop shot behind the 15th green that only he would dare try.

Peter Hanson answered with four birdies on his last five holes, claiming some of those cheers for himself and taking the outright lead Saturday in the Masters with a 7-under 65, the lowest score of the tournament.

What a finish — and it's all just beginning.

"Fortune favors the brave at times here," Padraig Harrington said.

"When you're leading a tournament, that's not the type of golf course you want to be on," he added. "You want to be on probably a boring golf course — which this ain't."

That much was evident on a day filled with cheers from every corner, a prelude for a final round that would figure to favor Mickelson.

Hanson, a 34-year-old Swede playing in only his second Masters, has never been closer than seven shots of the leaders in his previous 17 majors. He goes into Sunday with a one-shot lead over Mickelson, who already has three green jackets.

Hanson passed his first test.

He was walking up the 14th fairway when he heard a commotion that shook Augusta. He knew what it was without looking — Mickelson draining an eagle putt on the 13th hole, raising the putter with his right arm and slamming down his left fist to celebrate along with 15,000 of his best friends.

"I'm standing in the middle of the fairway and I feel him breathing down my neck a little bit," Hanson said.

Hanson followed with an approach into 2 feet for birdie, a 15-foot putt from the fringe on the 15th, a 30-foot birdie putt over the ridge on the 17th and one last birdie at the 18th with a shot that stopped inside 3 feet from the cup.

He was at 9-under 207.

"I've been watching this tournament since I was a young kid, and seeing Freddie Couples and the guys go and shoot 30 and 31 on the back nine is something you just dream about," Hanson said.

Mickelson shot 30 on the back and signed for a 66, putting him in the final group at the Masters for the fourth time in the last nine years. Lefty won the last three times he was in that spot.

"I love it here, and I love nothing more than being in the last group on Sunday at the Masters," Mickelson said. "It's the great thing in professional golf."

Mickelson gave the leaderboard some star power when so many others faded or, in the case of Tiger Woods, never came close to getting there. Woods now has gone 26 consecutive holes on the back nine at Augusta without a birdie. He had to settle for a 72 and was 12 shots behind, his largest 54-hole deficit ever at the Masters.

But he wasn't alone.

U.S. Open champion Rory McIlroy, who started the day one shot out of the lead, made double bogey from the trees on the first hole and it only got worse from there. He had three 6s on his card and went out in 42, finishing with a 77 that left him 10 shots behind. He played with Sergio Garcia, who shot 75. Neither made a birdie until No. 12, and they hugged each other on the green to celebrate.

Fred Couples, at 52 the oldest player atop the leaderboard going into the weekend at Augusta, bogeyed his first two holes and tried to stay in the game. He wound up with a 75 and was seven shots behind.

A win would give Mickelson his fourth green jacket, same as Woods and Arnold Palmer.

But this is far from a two-man race.

Former British Open champion Louis Oosthuizen rode his sweet swing to a 69 and was only two shots behind. Bubba Watson birdied the last hole for a 70 and was three shots back, followed by Matt Kuchar, who joined Mickelson as the first players in 13 years to birdie the 18th hole each of the first three rounds.

The group at 4-under 212 included Lee Westwood (72) and Harrington, who shot 68 and summed up what awaits on Sunday.

"It's not the player that plays the most consistent that wins at the Masters. The player who plays probably some of the most exciting golf wins at the Masters," Harrington said. "It's not really a contest of fairways and greens. It's a bit more flamboyancy in it. You only have to look at the way Phil has won some of his majors. You've got to take on golf shots."

And to think Mickelson almost lost this Masters on the opening day.

With a lost ball and a triple bogey on the 10th hole, he was 4-over par through 12 holes on Thursday and hitting the ball in places even he had never seen at Augusta. Only his short game saved him that day, and he escaped with a 74.

He has been on the move ever since, and Lefty was at his best on Saturday.

If there was one shot that showed why he has an imagination unlike others, it came from behind the green on the par-5 15th. Moments earlier, Hanson was in about the same spot and played a conventional bump-and-run up the slope to a green that runs quickly toward the hole. Hanson went just over the green, and had to make a 15-foot putt.

Mickelson took out his 64-degree wedge — he carries that club for moments like this — and played a full flop shot that landed softly and trickled to 4 feet below the cup for a birdie.

How tough was the shot? Even Mickelson said it was risky.

"It was possible to slide underneath it, so I leveled out my weight a little bit so that I would not take too deep a divot and the ball popped up nicely," Mickelson said, describing the shot as if giving a clinic.

Hanson was on the 16th hole when all this unfolded.

"To be honest, I never saw that high flop shot from there," he said. "He's just amazing with the wedge and the way he plays those shots. When I ended up in that same spot on 15, I just sought the bump-and-run and get it past the hole and leave myself an uphill putt. He goes up and just hits a full swing and goes straight up in the air."

But it was a lesson for Hanson, especially for the final round: Don't watch, just play.

"He has a few shots around the green that I'm not even close to," Hanson said. "I just have to play my game and work around this golf course the absolute best I can."

First, he has to get through the night. Hanson expects that sleep won't come easily — not when you're in the lead for the first time in a major, with a green jacket on the line.

He has quietly risen to No. 25 in the world ranking, with a pair of top 5s in the World Golf Championships and a runner-up finish at the Qatar Masters. Hanson also has spent time in good company. He started working in the offseason with coach Gary Gilchrist, who also teaches Yani Tseng, the No. 1 player in women's golf.

The last time he was in a twosome with Mickelson was at Celtic Manor, and timing could not have been worse. Mickelson had just set an American record for most losses in the Ryder Cup, and he had not contributed a point all week.

"He came out so hungry and desperate to win," Hanson said. "He started off with four straight birdies. So I had no chance."

It's up for grabs Sunday — but not for everyone.

The biggest surprise was McIlroy, who has been flawless for the last six months and was poised to seize control of this major when he started out just one shot behind. With two double bogeys and a 42 on the front, his Masters effectively was over.

"Seems like every year I come here, I throw a bad nine holes out there," McIlroy said, referring to his 43 on the back nine of the final round last year when he lost a four-shot lead.

As loud as it was, Woods rarely heard it so quiet.

He missed out on all the action by playing so early — he was done about the time the leaders teed off. And he did nothing to make anyone cheer. For the second straight round, Woods failed to birdie any of the par 5s. In his previous 17 years at the Masters, he had gone birdie-free on the par 5s only twice.

Woods has made only one birdie all week on the back nine — the first hole he played, No. 10, on Thursday.

"I unfortunately did not play the par 5s very well today," Woods said. "I'm telling you, it was just so close to being a really good round of golf."


Amazon Cell Phone Center

Wednesday, February 1, 2012

U.S. to charge ex-Suisse traders on subprimes: sources (Reuters)

(Reuters) – U.S. authorities are preparing to charge four former Credit Suisse Group AG employees with criminal and civil fraud related to write-downs on subprime mortgage derivatives at the height of the financial crisis, sources familiar with the matter said.

Credit Suisse will not be charged in the matter, which is being investigated by federal prosecutors and the U.S. Securities and Exchange Commission, the sources said.

The four people to be charged were former Credit Suisse traders who were fired, another source said, but it was unclear when and for what reason. The suspected illegal conduct took place roughly four years ago, the source said, adding that the bank had been cooperating with officials.

The investigation stems from $2.85 billion in write-downs that Credit Suisse took on collateralized debt obligations in 2008, said the sources, who spoke on the condition of anonymity.

Credit Suisse revealed those CDO losses in early 2008, and blamed them on a group of rogue traders - who the bank said had deliberately mispriced securities - and on a failure of internal controls.

Credit Suisse, the Federal Bureau of Investigation, the SEC and Manhattan U.S. attorney Preet Bharara declined to comment on the matter.

Charges could come as early as Wednesday, people familiar with the matter said, but the timing was uncertain.

The planned charges come as the Obama administration is stepping up efforts to prosecutes Wall Street bankers and others for misconduct related to the financial crisis. Last week during his State of the Union address, President Obama announced the formation of a mortgage-fraud task force to pursue subprime-related cases.

The collapse of the subprime housing market was one of the triggers of the worst financial crisis since the Great Depression.

(Additional reporting by Matthew Goldstein, Basil Katz and Sarah N. Lynch; Editing by Gary Hill)


Amazon Cell Phone Center

Thursday, December 15, 2011

Morgan Stanley settles with MBIA, sets $1.8 billion charge (Reuters)

(Reuters) – Morgan Stanley (MS.N) agreed to give up insurance claims against MBIA Inc (MBI.N) in exchange for a $1.1 billion payment from the ailing insurer, ending a two-year legal fight over guarantees on mortgage bonds.

The deal, announced on Tuesday, is the latest move by Morgan Stanley Chief Executive James Gorman to clear away vestiges of the financial crisis and put the Wall Street bank on a more stable path.

The settlement will cause Morgan Stanley to take a $1.2 billion charge in the fourth quarter after accounting for a tax benefit, but it will also remove risky assets from company's balance sheet that have led to big swings in its quarterly earnings over the past four years.

Additionally, the deal will shore up Morgan Stanley's capital levels under tougher rules that start coming into effect in 2013.

In a statement, Gorman said the settlement had been a "top priority" for Morgan Stanley this year, "consistent with our efforts to build capital and de-risk the balance sheet."

The settlement stems from credit-default swaps (CDS) that Morgan Stanley had entered with MBIA several years ago to protect against losses on mortgage bonds.

MBIA, a bond insurer, historically focused on municipal bonds but as the U.S. real-estate market heated up last decade, it sold large numbers of CDS on mortgage-backed securities and other structured finance products.

MBIA's bets on CDS started souring as the financial crisis ramped up, leading the company to split itself into two parts: a municipal guarantee business and a structured finance unit. MBIA announced the restructuring in 2009 after receiving approval from state insurance regulators.

A group of 18 banks, including Morgan Stanley, objected to the restructuring in court, arguing that it might leave the insurer unable to pay out its structured finance obligations.

As part of the settlement, Morgan Stanley agreed to end its legal objections to MBIA's restructuring, and MBIA agreed to drop a lawsuit pertaining to the quality of the bonds underlying the CDS contracts.

MBIA will pay Morgan Stanley $1.1 billion to settle legal claims, a person familiar with the matter told Reuters.

The insurer's structured finance division, known as MBIA Insurance, will pay the settlement using a loan from its municipal bond division called National Finance, according to another person familiar with the deal.

All but five banks have settled with MBIA, including HSBC Holdings PLC (HSBA.L), Royal Bank of Scotland PLC (RBS.L) and Wells Fargo & Co (WFC.N). Those still pursuing claims include Bank of America Corp (BAC.N) and UBS AG (UBSN.VX).

An MBIA spokesman confirmed that there was a settlement with Morgan Stanley, but declined to comment on the $1.1 billion settlement figure.

"We are continuing to work toward resolving all the litigation," said Kevin Brown, a spokesman for MBIA. "We're talking to most, but not all, the parties."

Robert Giuffra Jr, a partner at Sullivan & Cromwell and lead counsel for banks that are still suing MBIA, said the plaintiffs will continue to fight its restructuring.

Benjamin Lawsky, financial services superintendent for the state of New York, said his agency will continue to work with the remaining companies and MBIA to seek resolutions.

A WIN FOR BOTH SIDES

The Morgan Stanley-MBIA settlement will benefit both parties, investors said, though it may represent a bigger win for MBIA.

MBIA shares closed up 0.7 percent on Tuesday at $11.48, having hit $12.60 after the deal announcement. Morgan Stanley fell 1.4 percent to end the day at $15.17, but had risen as high as $16.55 earlier in the day.

The settlement will remove a big swing factor from Morgan Stanley's quarterly earnings results. Because the CDS contracts turned MBIA into a major counterparty of the bank, the widening or narrowing of its credit spreads resulted in big non-cash losses and gains.

Getting rid of MBIA exposure will free up $5 billion worth of capital for Morgan Stanley and improve its Tier 1 common capital ratio by 75 basis points under upcoming rules. Under existing rules, it will reduce Morgan Stanley's Tier 1 common ratio by 30 basis points.

Gorman has been on a mission to improve Morgan Stanley's balance sheet this year, in part to ease investor concerns about the bank's exposure to the European sovereign debt crisis.

In April, Gorman struck a deal with Mitsubishi UFJ Financial Group, a major investor and partner, to convert 7.8 million Morgan Stanley preferred shares into 385.5 million shares of common stock. That move lifted Morgan Stanley's capital ratios.

Gorman has also overseen the dismantling of risky trading operations to comply with a new financial reform rule, wound down other risky assets and implemented higher pricing for over-the-counter derivatives products to reflect higher risk and cost. He has also adjusted Morgan Stanley's funding model to reduce its exposure to riskier, short-term lending.

Still, its shares are down 43 percent so far this year, compared with a 32 percent decline for the NYSE Arca Securities Broker/Dealer Index.

Walter Todd, a portfolio manager at Greenwood Capital, said Gorman's efforts have been noticed but that concerns remain over Europe and the business model of large investment banks. Todd exited his firm's Morgan Stanley position last week to reduce volatility in the portfolio.

"I think it's nice to get this behind them and check it off as something not to worry about anymore , but I wouldn't go out and buy the name because of this agreement," he said.

For MBIA's part, the deal removes a big hurdle standing in the way of its restructuring, at a lower cost than if Morgan Stanley had pursued its claims in full.

Morgan Stanley had $2.7 billion worth of net exposure to MBIA's derivative contracts as of September 30, according to a quarterly regulatory filing. The bank is writing off $1.8 billion worth of the underlying debt, which will lead to the $1.2 billion charge after taxes.

But Manal Mehta, a founding partner of the hedge fund Branch Hill Capital, which owns MBIA shares, estimates that the total notional amount of the underlying securities was more than $10 billion -- meaning that MBIA's $1.1 billion settlement may represent just 10 percent of the potential cost.

"This is a fantastic deal for MBIA," said Mehta.

A Morgan Stanley spokesman declined to disclose the notional amount of underlying securities. Mehta extrapolated his estimate from disclosures by Bank of America.

(Reporting by Lauren Tara LaCapra in New York,; additional reporting by Karen Freifeld in New York; Editing by Lisa VonAhn, Dave Zimmerman, Dan Wilchins and Steve Orlofsky)

(This story was corrected in paragraph eight to say MBIA regulators allowed the company to split, rather than were forced to split the company)


Browse your computer here

Sunday, September 25, 2011

Fannie, Freddie to charge higher mortgage fees (Reuters)

RALEIGH, North Carolina (Reuters) – Fannie Mae and Freddie Mac, the country's two largest mortgage finance providers, are expected to gradually increase the fees they charge lenders in the next year, their federal regulator said on Monday.

The "guarantee fees" that the two government-owned companies charge would be increased in order to lessen the companies' long-term exposure to risk, said Edward DeMarco, acting director of the Federal Housing Finance Agency.

The two firms, which were seized by the government three years ago amid fears they were at risk of failing, do not directly make loans. They provide financing to banks and lenders by purchasing mortgages and either keeping them on their books or packaging them for sale to investors. Those investors pay Fannie and Freddie a "guarantee fee" when they buy mortgages.

An increase in fees would be in line with their regulator's "mandate as conservator and in terms of moving toward something that better reflects a fully private model," DeMarco told reporters after addressing a mortgage conference sponsored by the North Carolina Mortgage Bankers Association.

He said Fannie Mae and Freddie Mac, which have so far cost taxpayers more than $140 billion, should begin "the gradual process of increasing guarantee fees" in 2012.

The White House has backed increasing the guarantee fees as part of way to lessen the government's footprint in the U.S. housing finance system and attract more private capital to the mortgage market.

As part of a new plan to cut budget deficits, President Barack Obama on Monday recommended a 10 basis point increase in the guarantee fees, which would produce projected savings of $28 billion over 10 years.

DeMarco said the changes in guarantee fees that Fannie and Freddie could charge in the coming year may include increased costs for riskier loans and for mortgages in states with more stringent foreclosure laws.

"The loss given default on a mortgage is determined in part on where that mortgage is located in the country," he said.

In October, the first step to lessen the government's backstop for housing will come when the size of the loans Fannie, Freddie and the Federal Housing Administration can purchase fall back to pre-financial crisis levels.

The so-called conforming loan limit caps are set to decline from $729,500 in the highest-priced real estate markets to $625,500 on October 1.

Some fear the new rules could crimp the housing market at a time when it needs help.

"What we don't need right now from Fannie and Freddie is higher fees, what we need from them is to make loans," said Lewis Ranieri, founder and president of Philadelphia-based Ranieri & Co.

"This is when you actually want to be in business, with the lowest rates in history," said Ranieri, who helped develop the model for the private mortgage-backed securities market.

Average rates for 30-year fixed mortgages fell to a record low 4.09 percent last week, according to Freddie Mac data. But with the U.S. jobless rate hovering over 9 percent and consumer confidence slumping, demand for new home loans remains weak.

DeMarco also said the FHFA was still working on making changes to a two-year-old program that allows borrowers to refinance mortgages already owned by Fannie and Freddie. Only 830,000 homeowners have refinanced under the initiative, far fewer than the 5 million the program aimed to reach.

"We're going back through the mechanics about how this works to see whether there are adjustments that can be made," DeMarco said. "This is something that we are looking at."

DeMarco said he is also working with the Obama administration to find the best way to structure a program that would convert foreclosed properties held by Fannie and Freddie into rental homes. The goal is to shrink a glut of foreclosed properties held by the two mortgage finance giants that are weighing down the housing market and hurting home prices.

James Parrott, a senior adviser on the White House National Economic Council, told the conference that it is a "critical time for housing" and the administration needs to continue to work with regulators and the industry "to push in the same direction" on implementing rules that shape mortgage finance.


Browse your computer here