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SPEAKER PELOSI ISSUES STATEMENT ON HOUSE DEMOCRATIC LEADERS' MEETING WITH TREASURY SECRETARY PAULSON, FEDERAL RESERVE CHAIRMAN BERNANKE

Article from: US Fed News Service, Including US State News Article date: November 17, 2008

House Speaker Nancy Pelosi, D-Calif., issued the following statement:

Speaker Nancy Pelosi issued the following statement this afternoon following a meeting late this afternoon that House Democratic leaders held with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke:

"House Democratic leaders today made it clear to Secretary Paulson and Fed Chairman Bernanke that they must take immediate action and do everything they can to help hardworking Americans stay in their homes.

"The solutions to the problem at the root of our economic crisis - aggressively addressing home ...

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FDIC Pushes Plan to Ease Mortgage Payments

Posted Nov 14, 08 8:42 AM CST in Business 

FDIC Pushes Plan to Ease Mortgage Payments
Source: AP Photo/Evan Vucci

(Newser) – Officials at the FDIC are butting heads with the Bush administration over the bailout once again, yesterday outlining a plan to prevent 1.5 million foreclosures in the coming year by having banks sharply reduce monthly payments on mortgages, the Washington Post reports. The government would guarantee half the losses should the banks lose money on modified loans, costing an estimated $24.4 billion to the government.

The Treasury opposes taking that money from the $700 bailout, but many economists say home prices won’t stabilize until foreclosures are reduced. The FDIC program would focus on subprime borrowers who are two months behind on payments, reducing their interest rates to as low as low as 3 percent. Beyond interest rates, the program could extend loan terms or even reduce the principal to help borrowers stay ahead of payments.

Source: Washington Post

More about:  Financial Crisis • subprime crisis • Henry Paulson • foreclosure • Department of the Treasury • FDIC • mortgage defaults • Sheila Bair

MORE RELATED NEWSER STORIES

Feds Warming to $40B Homeowner Bailout

Plan would give banks an incentive to rework troubled mortgages

Wall Street Journal Wall Street Journal Oct 23, 08 6:33 AM CDT
(Newser) - Homeowners struggling to pay their mortgages would get help from the federal government under a $40 billion plan FDIC Chair Sheila Bair is expected to unveil today, reports the Wall Street Journal . Bair’s initiative, which would offer banks financial incentives to rework troubled mortgages into more affordable ones, is one of several ideas gaining traction in Washington to attack the epidemic of foreclosures that triggered the financial crisis. More »

More about:  Financial Crisis • bailout • Henry Paulson • foreclosure • FDIC • Sheila Bair

Homeowners Need Bailout, Too: FDIC Chief

Regulator clashes with Paulson, Bernanke over relief for lenders

Wall Street Journal Wall Street Journal Oct 16, 08 9:25 AM CDT
(Newser) - The FDIC chief is blasting the White House and Congress for focusing the $700 billion bailout on financial institutions and not giving homeowners facing foreclosure more help, reports the Wall Street Journal. Sheila Bair, a Bush appointee, says the government’s insistence that homeowners not profit from its help—while appearing unconcerned about institutional profiteering—has been “a frustration.” More »

More about:  Financial Crisis • bailout • subprime crisis • Henry Paulson • Ben Bernanke • housing crisis • Wall Street bailout • FDIC • Federal Deposit Insurance Corp. • Sheila Bair

OPINION

 How Hank Paulson Blew $125B 

The banks have the cash, but why is everyone surprised they're not lending?

Washington Post Washington Post Oct 31, 08 9:15 AM CDT
(Newser) - Not too long ago, critics from left and right were clamoring for Hank Paulson to abandon his plan buy up toxic mortgage-backed securities at auction to unlock credit markets. Instead, they argued, the government should give money directly to banks for them to lend. Too bad Paulson listened, writes Steven Pearlstein in the Washington Post , because he's blundered away $125 billion. Now these same folks are shocked that banks are not lending, but paying dividends, paying off executives or building their capital reserves. More »

More about:  Financial Crisis • subprime crisis • Henry Paulson • mortgage backed securities • Department of the Treasury • Steven Pearlstein


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