Further Rate Cuts Feasible, But Scope of Effect Limited - Bernanke
(Fed,
Lehman,
AIG,
Fannie-Freddie-GSE,
TARP,
)
| | Fed Chairman Bernanke spoke today before the Greater Austin Chamber of Commerce in Austin, Texas. His speech covered the Fed's responses to the credit crisis, and discussed the outlook for Fed interest rate, liquidity, and stabilization policies. He noted "...further reductions |
Fed and Treasury Announce New programs targeted at mortgage rates and consumer ABS
(Fed,
US Treasury,
Fannie-Freddie-GSE,
TARP,
)
| | Re Fed Treasury Announce 2 New Facilities aimed at mortgages and consumer ABS 1. TALFA $200bn financing facility funded in part by $20bn of TARP subordinated financing. The facility will accept recent issued AAA auto, credit card, SL, and small business |
Assistant Secretary Lowery Speaks on International Financial Institutions
(US Treasury,
)
| | Assistant Secretary for International Affairs, Clay Lowery, delivered remarks before the Reinventing Bretton Woods Committee Conference on Building an International Monetary and Financial System for the 21st Century.Remarks More on International Financial Institutions |
President-elect Obama Announces Key Members of Economic Team
(US Treasury,
TARP,
Obama,
)
| | President elect Barack Obama and Vice President elect Joe Biden officially announced key members of their economic team today, naming Timothy Geithner as Secretary of the Treasury and Lawrence Summers as Director of the National Economic Council. Obama and Biden |
Treasury Announces Extension of Temporary Money Market Program
(US Treasury,
money market funds,
)
| | Treasury announced today that the money market guarantee program has been extended through April 30, 2009. Participating funds must make a payment and submit an extension request by December 5. Treasury Announces Extension of Temporary Money Market Program |
FHFA Letter to Servicers on Loan Mods
(Fannie-Freddie-GSE,
foreclosure,
Loan Mod,
)
Fed, Treasury, FDIC Deal With Citigroup
(Fed,
US Treasury,
FDIC,
TARP,
troubled banks,
)
| | This morning Federal Banking regulators and the Treasury entered into an agreement with Citigroup to backstop losses on a $306B portfolio of loans and securities. The assets will remain on Citi's books but be ring fenced into a 'bad bank'. |
OCC Approves New Bank Charter to Ease Private Investment in Banks
(OCC,
troubled banks,
)
| | The OCC announced today that it has approved the first usage of a new form of bank charter designed to ease private investment in banks. From the OCC's press release "The new mechanism involves the granting of preliminary approval to |
FDIC Approves Revised Bank Debt and Deposit Guarantee
(FDIC,
troubled banks,
)
| | Today the FDIC board approved a revised version of the Temporary Liquidity Guarantee Program (TLGP). Major changes, as outlined by the FDIC in their press release "Chief among the changes is that the debt guarantee will be triggered by payment default |
IOSCO to Discuss “Urgent” Issues November 24
(SEC,
FASB,
CDS,
)
| | According to an SEC press release, Chairman Cox will convene a meeting of IOSCO’s technical committee to discuss a number of urgent issues, including Short Selling — Consider the effectiveness of recent regulatory responses in |
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