Word: dugan
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Dates: during 2000-2009
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Comptroller of the Currency John Dugan recently noted that reverse mortgages, like some flavors of the infamous subprime mortgages, are too complex for many seniors to understand. "Millions of older Americans still have a lot of equity in their homes, and it's tempting for them to tap into this pot of money," he says...
...growing number of regulators seem to think some relaxation of the rules may make sense. The top U.S. banking supervisor, Comptroller of the Currency John Dugan, tells TIME he is in favor of letting the banks mark back up the value of some of their toxic assets. "I think there are some changes that ought to be made," Dugan says. Mark-to-market accounting is a problem, he says, for illiquid assets because "those things have just stopped trading altogether." Dugan does not support doing away with mark-to-market entirely; not even industry lobbyists want that. But his deputy...
...national conversation has turned toward the idea of taxpayers standing behind modifications. "You wouldn't want the government to be on the hook for someone who borrowed a lot more in credit-card debt, or what have you, and then couldn't make their payments," OCC head John Dugan said in an interview with Bloomberg. (See pictures of Americans in their homes...
...prickly problem, though - as Dugan has pointed out - is that the available data from the OCC and OTS are rife with flaws. For instance, nowhere do servicers report what, exactly, they're doing when they modify a loan. And that, as it turns out, is an incredibly important detail since other data show that in many cases what they're doing is increasing a struggling borrower's monthly payment. The Maryland Office of Financial Regulation, which collects data on some 380,000 loans from 65 servicers, found that of modifications completed last August and September, 42% kept the monthly payment...
...wish to smoke late at night now have to walk off the grounds to do so - and they could pose a fire hazard by sneaking a cigarette in a dorm room. "Do we really want an 18-year-old girl walking by herself off-campus at 2 a.m.?" Dugan asks. "All we're asking for is a compromise that considers students' needs here...