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NEWS ABOUT: federal loans

Treasury Worried That Solyndra Loan Was Illegal

Energy Dept. pushed ahead, amid potential conflict of interest

(Newser) - New emails are out in the Solyndra mess , and it's probably not a great day to be a guy named Steve Spinner. He is an Obama-fundraiser-turned-Energy-Department-official who pushed hard for the loan even though he promised to recuse himself—because his wife worked as an attorney for the firm... More »

Fed Handed Wall Street $1.2T in Loans

Bloomberg reveals peak amount for the first time

(Newser) - In 2006, their best year ever, the 10 biggest US banks and brokerage firms made $104 billion in profits. By 2008, they had taken more than six times that amount—$669 billion—in emergency Federal Reserve loans. That amount, as well as amount loaned by the Fed to all its... More »

House OKs $25B Detroit Rescue

Package of low-interest loans aims to prop up staggering auto industry

(Newser) - The House has approved a $25 billion lifeline to Detroit's battered auto industry, the Detroit Free Press reports. The package of low-interest loans to help automakers switch to manufacturing more fuel-efficient vehicles is expected to be approved by the Senate today and signed by the president soon after. Michigan lawmakers... More »

Critics: Bernanke-Paulson Plan Isn't the Only Option

Opponents say there are other ways to save Wall Street from itself

(Newser) - The Bush administration’s $700-billion bailout isn’t the only option available to help Wall Street, and critics say alternatives that limit taxpayer liability have been too quickly abandoned for the sake of quick action, reports the Washington Post. "They presented this as a comprehensive, decisive solution, but it's... More »

Auto Giants Press Congress for $25B Loan

Credit pinch, oil prices could cost thousands of jobs, execs say

(Newser) - The CEOs of US auto giants seem to have convinced some in Congress they, too, need billions in federal loans, the Detroit Free Press reports, though it’s uncertain if they’ll get the $25 billion they’re asking for. High oil and commodity prices and tightened credit threaten jobs... More »

AIG Seeks $40B Fed Loan in Bid to Prevent Collapse

Insurance giant tries to stave off credit downgrade, aims to sell assets

(Newser) - In yet another Wall Street meltdown, floundering insurance giant American International Group has turned to the federal government in a bid to stave off a threatened credit-rating downgrade that could trigger the firm’s immediate collapse, reports the New York Times. AIG has requested a $40 billion bridge loan from... More »

House Panel OKs $15B Plan to Buy Foreclosed Homes

States, cities would get money to purchase and fix up houses

(Newser) - Lawmakers have backed a $15 billion aid package for municipalities so they can buy and fix up foreclosed homes, the Wall Street Journal reports. A House panel voted 38-26 for the measure, which would be split evenly between loans and grants. States could use the money to get vacated homes... More »

Fed Cuts Bank Discount Rate to Boost Liquidity

Latest step to stem worsening credit crisis and bolster panicky markets

(Newser) - The Federal Reserve raced to buck up an anxious financial sector today by cutting its discount rate to banks by a quarter point, to 3.25%, the AP reports. It also created a new lending facility to aid investment banks with short-term loans. The moves are "designed to bolster... More »

Credit Crunch Ups Price of College Loans

Federal, private lenders will raise rates, increase rejections

(Newser) - Even as college costs soar, the credit crunch is about to make student loans more expensive—and tougher to come by. Fees for federally guaranteed loans, which offer below-market rates, are expected to rise, and some states have dropped out of the program. At least a dozen private firms have... More »

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