CMG Home Loans
4050 Legato Road Suites 100 & 120
Fairfax, VA 22033
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Remigio Ferrara Named Among DC’s Top Mortgage Professionals

I am honored to be featured as one of the Washingtonian’s Top Mortgage Professionals in their April 2021 edition. Thank You to all my clients, realtors and referrals partners, family, and friends for your continued trust and confidence in me and my incredible team! This wouldn’t have been possible without you. Remigio Ferrara Named Among […]

Time to Make the Leap? Rent or Own… You Decide

Owning a home has several advantages over renting. The financial benefits can help you achieve your long-term goals and can only be experienced by making the leap to home ownership. Renting Tax Advantages: n/a Investment: n/a Inflation Protection: n/a Security: n/a Owning Tax Advantages: Tax deductions can lower your monthly payment by up to 20% or […]

Make The Dream of Homeownership Reality

Our Mission: Partnering with Real Estate Professionals At McLean Mortgage Corporation, we know that your utmost concern is to make sure your clients are well cared for. We have developed systems that deliver on-time closing time and time again. As a matter of fact, in 2012 we closed over $1.5 billion in transactions. And while […]

Save Cash and Get A Maximum Deduction for Your Mortgage Payment

McLean Mortgage Corporation Presents Mortgage Insurance Eliminator. What if your lender was willing to pay your mortgage insurance costs? What would that mean to you? There’s no cost up-front to you You eliminate any non-deductible insurance costs. For a limited time only McLean Mortgage is offering reduced costs on the Mortgage Insurance Eliminator. This price […]

Is Your Buyer Purchasing a New Home?

Purchasing a home is an exciting adventure for buyers. We know that the mortgage portion of this process is more complicated than ever. McLean Mortgage Corporation and I understand this and strive to make the home-buying process easy and enjoyable for your buyers. McLean Mortgage Corporation has many loan options available. Our goal is to […]

Purchasing a New Home or Refinancing Your Current Home?

Whether you are purchasing a new home, refinancing your current mortgage, or using your home equity to help build your dreams, McLean Mortgage Corporation and I will provide the professional, efficient and courteous service your deserve. With so many loan options available, we will help you select the best loan option for your financing needs. […]

Agencies reviewing treatment of collateralized debt obligations backed by trust preferred securities under final rules implementing the “Volcker rule”

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Securities and Exchange Commission

For immediate release

December 27, 2013

Agencies Reviewing Treatment of Collateralized Debt Obligations Backed by Trust Preferred Securities under Final Rules Implementing the “Volcker rule”

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission on Friday said they are reviewing whether it would be appropriate and consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act not to subject collateralized debt obligations backed by trust preferred securities to the investment prohibitions of section 619 of Dodd-Frank, otherwise known as the “Volcker rule.”

The agencies intend to address the matter no later than January 15, 2014.  The accounting staffs of the agencies believe that, consistent with generally accepted accounting principles, any actions in January 2014 that occur before the issuance of December 31, 2013, financial reports should be considered when preparing those financial reports.

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Commodity Futures Trading Commission, and the Securities and Exchange Commission issued final rules to implement section 619 on December 10, 2013.

Attachment (78 KB PDF)

SR Letter 13-25
 

Media Contacts:
Federal Reserve Board Barbara Hagenbaugh (202) 452-2955
FDIC Andrew Gray (202) 898-7192
OCC William Grassano (202) 649-6870
SEC Public Affairs (202) 551-4120

Federal Reserve Board seeks comment on proposed amendments to Regulation A regarding emergency lending authority

Release Date: December 23, 2013

For immediate release

The Federal Reserve Board on Monday invited public comment on proposed amendments to Regulation A (Extensions of Credit by Federal Reserve Banks) to implement section 1101 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1101 amended the Federal Reserve’s emergency lending authority in section 13(3) of the Federal Reserve Act.

As required under the Dodd-Frank Act, the proposed rule is designed to ensure that any emergency lending program or facility is for the purpose of providing liquidity to the financial system, and not to aid an individual failing financial company.

The proposed rule has been developed in consultation with the Treasury Department. Comments on the proposal are due by March 7, 2014.

Attachment (PDF)

Comments on this proposal: Submit | View

For media inquiries, call 202-452-2955.

Board Votes

Agencies issue FAQ document regarding collateralized debt obligations backed by trust preferred securities under final rules implementing the “Volcker rule”

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

For immediate release

December 19, 2013

Agencies Issue FAQ Document Regarding Collateralized Debt Obligations Backed by Trust Preferred Securities under Final Rules Implementing the “Volcker Rule”

Three federal financial institution regulatory agencies today issued a FAQ (Frequently Asked Questions) document to provide clarification and guidance to banking entities regarding investments in “Covered Funds” and whether collateralized debt obligations backed by trust preferred securities (TruPS CDOs) could be determined to be Covered Funds under the final rules to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The FAQs are intended to clarify that banking entities that have holdings in TruPS CDOs are not required to sell these holdings immediately under the final rules, but instead may use the conformance period to determine if they can be brought into conformance by the end of the conformance period, which is July 21, 2015.

The document released by the agencies provides an overview of some of the key legal issues banking entities should consider in determining whether holdings of TruPS CDOs are subject to the provision of the final rules implementing section 619, commonly known as the Volcker Rule. The issues identified and discussed in the document are whether a TruPS CDO qualifies in its current form as a Covered Fund under the final rules; whether it can be restructured or otherwise conformed to the final rules by the end of the conformance period of July 21, 2015; and whether a bank’s investment in the CDO constitutes an ownership interest.

The final rules were approved by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading Commission on December 10, 2013.

FAQ Regarding Collateralized Debt Obligations Backed by Trust Preferred Securities under the Final Volcker rule (PDF)

Media Contacts:
Federal Reserve Board Barbara Hagenbaugh 202-452-2955
FDIC Andrew Gray 202-898-7192
OCC Robert M. Garsson 202-649-6870