Bailout Plan Goes to House as More Banks Totter
Administration and Congressional officials announced Sunday, September 28, that they had compromised on the $700 billion financial services bailout plan and would send the revised, 110-page bill to the House of Representatives on Monday, September 29, where many expect there to be significant debate before the bill is sent to...
Congress Wary of Treasury Bailout Plan
Members of Congress pressed Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to explain why lawmakers should move quickly--as early as Friday, September...
Administration Proposes $700 Billion Financial Services Rescue Plan
The United States government--both the Administration and the Congress--began moving over the weekend of Sep. 20-21 to "address the underlying problem" in the financial system,...
Massive Federal Bailout on the Way
In a bid to stem the mammoth financial crisis the U.S. is now facing, top members of the Treasury Department and Federal Reserve are hammering out with Congress a plan to create a government agency that would buy distressed mortgages from banks and other financial institutions at discount prices.
U.S. Places Fannie Mae and Freddie Mac Into Conservatorship
On Sunday, Sep. 7, Treasury Secretary Henry Paulson announced that the Treasury Department, in collaboration with the Federal Reserve and the new independent regulator, the Federal Housing Finance Agency (FHFA), had moved to place into conservatorship Fannie Mae and Freddie Mac, the troubled government-sponsored enterprises (GSEs) that have been under...
Hank's unholy trinity
This monster just won't die. Fannie and Freddie will survive, and we missed a historic opportunity to rid ourselves of them once and for all....
Major 'shake-up' to financial regulations expected for next year
"Major" changes to U.S. financial regulations are expected to gain pace by early next year as an expected Democratic-led Congress and administration try to safeguard...
Wheels of Blueprint In Motion
Setting in motion Treasury Secretary Henry Paulson's Blueprint for financial services reform, the Federal Reserve Board and the Securities and Exchange Commission (SEC) entered into...
Treasury Injects Liquidity Into Fannie, Freddie
Acting to avert bankruptcy for the nation's two biggest home loan lenders, Congress approved an emergency "rescue package" over the weekend of July 12-13 that gives the Treasury Department the ability to inject billions in investments and loans to Fannie Mae and Freddie Mac.
Wheels of Blueprint in Motion
House Financial Services Committee Chairman Barney Frank (D-Massachusetts) said July 10 that there's a consensus building that more financial services regulation is needed, and that Congress "should be moving to empower the Federal Reserve Board to have regulatory authority over a wide range of financial institutions."