A fiscal conservative, he was responsible this year for writing the chamber's version of the $10.7 billion state budget that doesn't rely on tax or fee increases. Once lawmakers agree on what department heads can spend running their agencies, the 52-year-old nursery owner doesn't believe in micromanaging them. Then it is up to them and the governor to live within the budget, he reasons. Morse will assume the Senate presidency Tuesday when Peter Bragdon relinquishes control amid criticism for taking a new job as executive director of the Local Government Center . Morse won the unanimous support of GOP senators last week, assuring him of the majority needed to replace Bragdon, of Milford. Morse said he admires how smoothly the Senate operated under Bragdon. He said he's also reaching out to past Senate presidents for tips on how to manage the 24-member chamber. "There's no text book on how to run the Senate presidency," he said. He doesn't expect to make many changes but wants to talk to people after Tuesday's vote about issues including whether New Hampshire should expand Medicaid to an estimated 49,000 poor adults and where to find revenue http://www.firstfinancialuk.com for highway improvements.
("SFIG"), a member-based trade industry advocacy group focused on improving and strengthening the broader structured finance and securitization market, today announced that it has filed an amicus curiae brief in support of Wells Fargo National Association's motion for a preliminary injunction against the City of Richmond, California and Mortgage Resolution Partners LLC ("MRP"). The case, which attempts to halt the city's proposed use of eminent domain to seize mortgage loans from private label securitization trusts ("PLS Trusts"), is currently proceeding in the United States District Court, Northern District of California, San Francisco Division. "While SFIG recognizes the challenges currently confronting municipalities and borrowers, the use of eminent domain to seize mortgage loans is an illegitimate tactic that undermines the integrity of the entire home mortgage system," said Richard Johns, Executive Director of SFIG. "Allowing this type of practice is a short-sighted and unconstitutional idea. Not only would it do irreparable damage to the private mortgage market, undermining Congressional efforts to encourage private capital in the market, but it would also actually injure the local residents these efforts are supposed to be helping." The SFIG brief argues that efforts by Richmond and MRP to seize loans held in PLS Trusts is unconstitutional and could do permanent damage to the U.S. home mortgage system. The brief points to significant risk on three levels: -- The market for securities issued by PLS Trusts will be fundamentally shaken if the structure can be pulled apart by municipalities seizing loans, especially by cherry-picking individual performing loans. -- Each PLS Trust which holds to-be-seized loans will be damaged by an amount that exceeds the face value of the loan, because the structure, as a fixed, geographically diverse pool, will be undermined.