News and Issues

The ripple effects of a market collapse would be severe, and taxpayers would potentially be on the hook for losses posted by failed mortgage companies. In addition to loans backed by the FHA or VA, the government is exposed through Ginnie Mae, the federal agency that provides payment guarantees when mortgages are pooled and sold as securities to investors. The mortgage companies are supposed to bear the losses if these securitized loans go bad. But if those companies go under, the government “will probably bear the majority of the increased credit and operational losses,” the paper concludes. Ginnie Mae is especially vulnerable because almost 60 percent of the dollar volume of the mortgages it guarantees comes from nonbank lenders. more »

Pennsylvania is one of 41 states where some counties and cities use election equipment that is more than a decade old, according to the New York University School of Law’s Brennan Center for Justice. Older machines are more likely to malfunction or break down on Election Day, causing long lines and potentially dissuading some people from casting their ballots. Some older machines also are susceptible to wireless malware attacks, even if they are not directly connected to the internet, or have removable memory devices a hacker might manipulate. more »

Bills Introduced: A resolution recognizing the heritage, culture, and contributions of American Indian, Alaska Native, and Native Hawaiian women in the United States; A bill to reauthorize programs authorized under the Debbie Smith Act of 2004; A bill to direct the Secretary of Homeland Security to develop educational materials relating to human trafficking in schools; A bill to provide rental assistance to low-income tenants of certain multi-family rural housing projects, and for other purposes.   more »

“Consumers are fed up with illegal robocalls that disturb their privacy and often pitch scams,” said Acting FTC Chairman Ohlhausen. “We’re going to expand our fight against this scourge through initiatives like the upcoming Technology Expo and Policy Forum, which amplify our impact through close coordination with the FCC and other partners.” “Scam robocalls and deceptive spoofing are real threats to American consumers, and they are the number one consumer complaint at the FCC,” said FCC Chairman Pai. “We’re committed to confronting this problem using every tool we have. I’m pleased to announce these efforts in our continued work with the FTC to protect consumers.” more »