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The 1900 Mortgage Bank Act (HBG) is deemed pioneering legislation until today. It provided a legally prescribed, uniform organizational framework for this group of credit institutions. It was in force for more than a century until the Pfandbrief Act entered into force in 2005 (source: Association of German Pfandbrief Banks).
The Act, which gives the government broad authority to bring civil claims and has less stringent requirements to establish liability than commercial fraud statutes, was used after the subprime mortgage crisis to attempt to establish the liability of banks that allegedly misrepresented the quality of loans to the Federal Housing Administration ...
Nondepository banks (e.g., investment banks and mortgage companies) are not subject to the same capital requirements (or leverage restrictions) as depository banks. For example, the largest five investment banks were leveraged approximately 30:1 based on their 2007 financial statements, meaning that only a 3.33% decline in the value of their ...
This change, still more stringent than the international Basel accords, was motivated by the goal of keeping American banks competitive with European banks. The reduced capital requirements encouraged banks to hold the less risky A rated securities (according to rating agency standards) rather than the more risky higher-leveraged (i.e. embedded ...
The Expedited Funds Availability Act (EFAA) of 1987, implemented by Regulation CC, defines when standard holds and exception holds can be placed on checks deposited to checking accounts, and the maximum length of time the money can be held. A bank's hold policy can be less stringent than the guidelines provided, but it cannot exceed the guidelines.
December 24: A consortium of banks officially abandons the U.S. government-supported "super-SIV" mortgage crisis bail-out plan announced in mid-October, [191] citing a lack of demand for the risky mortgage products on which the plan was based, and widespread criticism that the fund was a flawed idea that would have been difficult to execute.