Editor's Note: This is a monthly publication on economic trends and financial policy issues. In this publication you can read "The Longbrake Letter", an analysis of economic trends and conditions written by Bill Longbrake, as well as commentary on financial regulation and policy written by members of the law firm Barnett, Sivon & Natter, P.C., a Washington, DC based law firm that specializes in financial services law. The lawyers in the firm are also counsel to the international law firm, Squire Patton Boggs.

ISSUE: #81, April 2017

The Longbrake Letter
- Bill Longbrake
Expansion of economic activity in the U.S. began nearly eight years ago in July 2009. Expansions do not die simply of old age. They turn into recessions when the economy overheats. Markets usually tend to be myopic and underestimate the presence of recession-inducing excesses and, thus, are surprised when recession occurs. Today, there does not appear to be any single highly visible imbalance to interrupt the steady upward march of economic activity. However, when the economy is operating at full employment and the Federal Reserve is engaged in tightening monetary policy, risks inevitably build. In this month's letter, Bill Longbrake examines risks – “yellow flags” – which, in addition to tightening monetary policy, are present in the U.S. economy and deserve attention and monitoring.

FHA Defect Taxonomy and The False Claims Act
- Bob Barnett
Administrative steps can and should be taken to relax the chill which actions under the False Claims Act have put on residential mortgage lending,. Here are a few examples of such steps.

Brief Review of CHOICE Act 2.0
- Jim Sivon
In preparation for a presentation, I read some (but not all) of the provisions of the CHOICE Act. This article covers some of the highlights of that over 500 page bill.