A look at news across HousingWire’s weekend desk, with more coverage to come on bigger issues: Speaker of the House Rep. John Boehner (R-Ohio) suspended legislative business this week in the wake of the shooting in Tucson, Arizona Saturday. Rep. Gabrielle Giffords (D-Ariz.) was wounded in the attack, and remains in critical condition. At least six people died and more than a dozen were wounded. Instead of debating a possible repeal of President Obama’s healthcare reform, Republicans and Democrats in the House will honor Giffords on Wednesday. Ginnie Mae will increase the base net worth requirements for institutions participating in its reverse mortgage program. The agency guarantees the timely payment of interest on mortgages it backs, usually insured through the Federal Housing Administration. Beginning Oct. 1, participants issuing securities backed by reverse mortgages must hold at least $5 million in net worth, up from $1 million. Issuers must also hold another 1% of the aggregate amount of its remaining principal balance (RPB) for securities between $5 million and $20 million. But Ginnie is removing an additional requirement, where before issuers had to hold an additional 0.2% of RPB for securities upward of $20 million. According to the new changes, issuers must also hold liquid assets valued at 20% of the base net worth requirement. Ginnie said this will help ensure funds are available when there is a need for cash to fund borrower advances, loan buyouts, and to pay for indemnification requests by the FHA. Ginnie also set new Tier 1 capital requirements. Regulated banks must hold a 5% Tier 1 capital ratio to total assets, 6% to risk-based assets and a 10% total capital ratio to risk-based assets. Nonbanks participating in Ginnie’s programs must hold a 6% total equity ratio to total assets. American Home Mortgage Servicing alleged late Friday that the recent ruling by the Massachusetts Supreme Court to void foreclosures by two major banks was based on incomplete evidence. The court ruled that U.S. Bank (USB) and Wells Fargo (WFC) were not the holders of the mortgage when they foreclosed, upholding a lower court’s ruling. AHMS is the current servicer of those trusts, though a separate company conducted the two foreclosures in question. AHMS said the ruling still confirms the securitization process currently in place in the mortgage market is sound. The court’s “decision is of limited applicability because it is based on law that is unique and specific to Massachusetts. The decision does not extend to foreclosures in other states,” AHMS said. In monthly commentary released over the weekend, Annaly Capital (NLY), a real estate investment trust, said the government does not have to be involved in the housing finance sector going forward, but there are consequences for that policy. Annaly has raised more than $2 billion since last July to buy mortgage-backed securities, and along with other investors it is waiting intently for the Treasury Department‘s white paper due this month regarding the future of the housing finance system — specifically what to do with Fannie Mae and Freddie Mac. It claims that the private bond market is ready to fund American mortgages, for example, but only if the government protects taxpayers by guaranteeing only the most soundly written loans and charging fees. “If policymakers, however, resolve to have no government involvement at all, the bond market will price it out for you, but the likely outcome is a residential mortgage market that is smaller, more expensive, and less liquid,” Annaly said. A group of seven major public systems including five New York pension funds called on the big four banks over the weekend to review mortgage and foreclosure practices. New York City Comptroller John Liu asked the boards of directors of Bank of America (BAC), JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo to conduct internal investigations, though the companies have already restarted foreclosures after reviewing them for potential problems related to the robo-signing scandal. The coalition represents more than $430 billion in pension fund investments, including $5.7 billion in the big four banks. “The banks’ boards cannot continue to pretend the foreclosure mess is the result of technical glitches and paperwork errors,” Liu said. “There is a fundamental problem in their procedures that endangers not just homeowners, but shareholders, and local economies. Given the risks involved, only a swift and unbiased audit can reassure shareholders that the pension funds of 700,000 working and retired New Yorkers are in safe hands.” Regulators closed two banks over the weekend. The Federal Deposit Insurance Corp. estimates the closings to cost the Deposit Insurance Fund $105.9 million. The Florida Office of Financial Regulation closed First Commercial Bank of Florida Friday. First Southern Bank will assume all $529.6 million in total deposits and agreed to purchase essentially all $598.5 million in assets. The FDIC estimates the closing to cost the DIF $78 million. The Arizona Department of Financial Institutions closed Legacy Bank, with the Enterprise Bank & Trust based St. Louis, Miss. to assume all $125.9 million in total deposits. It also agreed to purchase essentially all $150.6 million in total assets. The total cost to the DIF is estimated to be $27.9 million. Write to Jon Prior. Follow him on Twitter: @JonAPrior

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