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Washington
Inside Washington (02/02/2010)
* WASHINGTON (2/3/10)--The Obama administration’s 2011 budget proposal does not specify plans for Fannie Mae and Freddie Mac’s futures. Housing and Urban Development Secretary Shaun Donovan said the administration will soon release its strategy. A statement will be coming “very shortly,” Donovan told reporters Monday (American Banker Feb. 2). Currently, the enterprises have obligations of $3.9 trillion to investors who purchased the mortgage bundles the two assembled (The New York Times Feb. 2) ... * WASHINGTON (2/3/10)--Paul Volcker, former Federal Reserve chairman, told the Senate Banking Committee Tuesday that hedge funds and private-equity funds should profit and fail without government support. Volcker supports President Barack Obama’s plan to tax big banks and limit their growth. He called on policymakers to strengthen regulation of financial firms whose failure would threaten the economy. Stricter requirements that govern capital and liquidity are needed, he said. Volcker also called for authority to take control of big financial firms--“euthanasia” as opposed to a rescue. The institutions should not assume the public will save them, he added (Bloomberg Feb. 2) ...


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