Bernanke, Paulson, Bair Testify on TARP before House Committee
(Fed,
US Treasury,
FDIC,
TARP,
House,
Hearings,
)
| | Fed Chairman Bernanke, Treasury Secretary Paulson, and FDIC Chairwoman Sheila Bair testified today before the House Financial Services Committee. Some highlights from their prepared statements Bernanke "To help address the tightness of credit, on November 12 the federal banking agencies |
Treasury Releases Capital Purchase Program Term Sheet (Private Institutions)
(US Treasury,
TARP,
troubled banks,
)
| | The U.S. Treasury Department today released the term sheet and answers to frequently asked questions for certain privately held financial institutions applying for the Capital Purchase Program. Treasury Releases Capital Purchase Program Term Sheet |
FHFA Publishes 2008 GSE Performance and Accountability Report
(Fannie-Freddie-GSE,
)
| | FHFA has released the 2008 version of its performance and accountability report, which details the progress and accomplishments for fiscal year (FY)2008 of the Federal Housing Finance Agency (FHFA), the Federal Housing Finance Board (FHFB) and the Office of Federal Housing |
FDIC Publishes Loan Mod & Loss Sharing Proposal
(FDIC,
Loan Mod,
)
| | The FDIC today published a proposal to increase loan modification through a loss sharing arrangement. In its release the FDIC said "A loss share guarantee on redefaults of modified mortgages can provide the necessary incentive to modify mortgages on a sufficient |
Freddie Mac Taps Treasury for $13.8 BN
(US Treasury,
Fannie-Freddie-GSE,
)
| | Freddie Mac today reported a loss of $25.3BN. This loss pushed Freddie's stockholders equit deficit reached $13.8BN. Freddie, therefore, has initiated a request pursuant to the Preferred Stock Purchase Program for $13.8BN and expects to receive the funds by November |
PWG Announces Initiatives to Strengthen OTC Derivatives Oversight and Infrastructure
(CFTC,
Fed,
SEC,
US Treasury,
CDS,
)
| | "Initiatives announced today include the development of credit default swap central counterparties, some of which will commence operations before the end of 2008, and the establishment of a Memorandum of Understanding regarding CDS central counterparties among the Federal Reserve Board |
Bernanke Speaks on Central Bank Coordination
(Fed,
)
| | "The emergence of dollar funding shortages around the globe has required a more internationally coordinated approach among central banks to the lender of last resort function...the continuing volatility of markets and recent indicators of economic performance confirm that challenges remain. |
Bush Speaks on Upcoming G-20 Meeting
(President Bush,
)
| | President Bush spoke today to the Manhattan Instituteabout this weekends G 20 summit. He said that"It will focus on five key objectives understanding the causes of the global crisis, reviewing the effectiveness of our responses thus far, developing principles for reforming |
Banking Agencies Request Comment on Appraisal Guidance
(Fed,
FDIC,
OTS,
OCC,
)
| | "The federal bank, thrift, and credit union regulatory agencies today jointly issued for comment proposed Interagency Appraisal and Evaluation Guidelines that reaffirm supervisory expectations for sound real estate appraisal and evaluation practices. The proposed guidance builds on the existing federal |
CIT Group Applies to Become Bank Holding Company
(Fed,
US Treasury,
TARP,
)
| | CIT Group announced today in a press release that it has submitted an application to the Fed to become a bank holding company, and concurrently submitted an application for TARP funs. CIT said "These actions are intended to provide CIT |
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