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[EZ READING MONEY MATTERS] Corruption, Crime And Arrests In The News: Paulson Jr.'s request for standby authority to lend the mortgage giants more money and, if necessary, inject capital seeks to reduce this "systemic risk." Democratic leaders in Congress plan to attach the Fannie-Freddie rescue to housing legislation already passed by the Senate and slated for House consideration. Strangely, though, both the Senate and House versions of the bill potentially increase the very risks Mr.
[mothanskin.blog-city.com] "Should Government Be A Lending Institution?": In this Thursday, July 10, 2008 picture, U.S. Treasury Secretary Henry Paulson testifies on Capitol Hill in Washington before the House Financial Services Committee hearing on systemic risk and the financial markets. The U.S. Treasury and the Federal Reserve announced steps Sunday, July 13, 2008 to shore up mortgage giants Fannie Mae and Freddie Mac.
[US Treasury - Press Releases - Financial Markets] Paulson Testimony on Regulatory Reform: Oral Statement by Secretary Henry M. Paulson, Jr. on Regulatory Reform before House Committee on Financial Services. Washington, DC-- Mr. Chairman, Ranking Member Bachus, thank you for holding this hearing, and for your leadership on ...
[politicalOBSERVER] Economy Will Stay Sluggish, Bernanke Tells Congress: The actions to stabilize Fannie and Freddie occurred over the weekend as the Treasury secretary, Henry M. Paulson Jr., also called for Congress to approve emergency legislation giving the federal government power to inject billions of federal funds through investments and loans.
[Breaking Business News latest RSS headlines - Malaysia Sun.com] Paulson to speak on economy, markets next week: WASHINGTON (Reuters) - Treasury Secretary Henry Paulson will deliver remarks on financial markets and the economy on Tuesday in New York, the Treasury said on Thursday.
[US Treasury - Press Releases - Financial Markets] Paulson Remarks on US, World Economy Markets Before Chatham House: I am pleased to be in London again. Today I will provide my perspective on current U.S. and global economic conditions and then look forward to your questions.
[News-Letter Blogs] Paulson will be the litmus test for Romney as VP: A front page Monday headline in The New York Sun read “Paulson Moves to Rescue Fannie Mae Bondholders.” The New York Times had a picture next to the lead article of Paulson in front of the Treasury building announcing the plan to rescue the banks. The Boston Globe and Chicago Tribune, had the same thing.
[SodaHead - Nina ~COB's Answers & Comments] US Dollar Falls to Record Low Against Euro - Do doubters still ...: “The U.S. dollar has come under broad selling pressure amid fear that the U.S. Treasury’s contingency plans for Fannie Mae and Freddie Mac will be drawn upon, leading to further strains in the financial system, prolonging the crisis,” Marc Chandler, a currency strategist at Brown Brothers Harriman, wrote in a note to clients.
[The Housing Bubble Blog] Is This A Model That Works Any More?: “Critics have long argued that both Fannie and Freddie operated with too small a capital cushion to adequately offset financial risk. But the mortgage giants have consistently beaten back congressional efforts to increase oversight, even after a major accounting scandal in 2003 resulted in a $400 million fine for Fannie.”
[Business blog] Bernanke: Economy in “rough time” (Reuters): Treasury Secretary Henry Paulson also returned to Capitol Hill in a bid to gain backing for his plan to extend unlimited confidence and the possibility of equity purchases to the companies.
[FloridaLoanSpecialist Weblog] US unveils plan to aid mortgage giants: Barney Frank (D-Mass.), chairman of the House Financial Services Committee, said in an interview that he expects the thrust of what Paulson requested will be approved by the House this week and accepted by the Senate next week, allowing President Bush to sign the measure by the end of next week. He added that the plans did not amount to a “bailout.” Instead they conveyed that “we don’t think there’s a terrible problem, but we want to reassure you if there is one, we can deal with it.”
[Business blog] Bernanke: Fannie, Freddie in no danger of failing (AP): The Fannie and Freddie troubles came on the heels of the failure of IndyMac Bank. Earlier this year, a running on investment bank Bear Stearns pushed the company to the edge of bankruptcy and into a takeover by JPMorgan Chase, backed financially by the Fed.
[Gustavo's Blog] Will the market return?: This is why construction spending on single-family homes fell just 3.4% in May, the second-smallest drop in 10 months," they added. "Going forward, the declines will continue to shrink, and housing will become a progressively smaller drag on real GDP growth.
[Business blog] Administration presses for mortgage giant rescue (AP): Asked approximately the grants in Wednesday’s private meeting with Republicans, Paulson said he’d work to get it stripped from the bill. But he also said the administration would have to swallow some things it didn’t want in the interests of a deal.
[Blog @ goldsilver.com] Remarks by US Treasury Secretary Henry M. Paulson, Jr.: Current law also allows our President to declare a national economic emergency, and then dictate the actions of commercial banks”¦.To do this, we will need to give our regulators additional emergency authority to limit temporary .
[Walash's Weblog] US Considers Takeover of Two Mortgage Giants: Paulson nor Mr. Bernanke, at the hearing on Thursday, would answer a question about whether Congress needs to give the regulators more tools to deal with the possible insolvency at either company.
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