By Christian Mullins
Executive Summary:
On Monday, the Federal Reserve Board approved new rules to ban misleading and deceptive practices in mortgage lending. The rules, which will go into effect in October 2009, do not need Congressional approval, and Federal Reserve Board Chairman Ben Bernanke stated that the new measures would not be retroactive. Among other provisions, the mortgage market’s ability to disburse “higher priced loans” has been restricted unless they can verify the borrower can repay the highest loan rate after the Adjustable Rate Mortgage (ARM) has reset.
International Summary:
Britain’s inflation rate jumped to 3.8% in June, nearly double the 2.0% the Bank of England had targeted for the first half of the year. This marked the third month in a row that inflation figures have come in above forecast and the 2nd time in three months that the annual rate has jumped by at least one-half percentage point. Increased food and fuel prices are the main drivers for the higher inflation rate.
Robbed:
- Nothing to report today.
They Fought The Law, And…
- William Rook Byard, 44, was charged with the robbery of Amarillo Community FCU in Amarillo, Texas on January 29, 2008. Byard allegedly entered the credit union brandishing a handgun, demanded cash, and fled on foot to his getaway vehicle several doors down. The vehicle was identified at a Saturn dealership in June, leading police to Byard’s arrest.
- A teller has been arrested in connection with the July 3, 2008 robbery of Goldenwest Credit Union in South Jordan, Utah. Jeffrey Lyle Nay, 20, allegedly planned the robbery with Curtis Brad Cordery, 20, which entailed taking two credit union staff into the vault, taking an undisclosed amount of cash, and removing the dye pack before exiting the financial institution. Nay is in custody while Cordery remains at large.
