Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (03/15/2010)
* WASHINGTON (3/16/10)--The Federal Deposit Insurance Corp. (FDIC) is using an old tactic from the savings and loan crisis to deal with bank failures. On Friday, the agency announced it sold $1.8 billion in bonds upheld by mortgage-backed securities on the balances sheets of seven failed banks. More than 70 investors participating in the deal acquired no assets from the banks, but have FDIC-guaranteed notes the agency can repay from income on underlying assets (American Banker March 15). The agency has not participated in such a bond sale since the early 1990s, and it is the first sale involving debt guaranteed by the FDIC ... * WASHINGTON (3/16/10)--Fannie Mae and Freddie Mac’s chances of becoming permanent fixtures of the government are increasing because the Obama administration hasn’t yet put forth a plan about their futures, financial observers said (American Banker March 15). Treasury Secretary Timothy Geithner said he would provide an outline with more details on their future, and Department of Housing and Urban Development (HUD) Secretary Shaun Donovan said the administration would have a plan “soon.” The administration plans to propose the enterprises’ overhaul during a House Financial Services Committee hearing March 23. Brian Gardner, KBW Inc. analyst, said the longer the industry--Fannie and Freddie--are nationalized, the harder it will be to privatize them. The market and Congress also are not equipped to take the enterprises out of conservatorship. The government placed Fannie and Freddie under its control in September 2008. Howard Glaser, former HUD official, said the government is relying on Fannie and Freddie for “load-bearing support” and the market “can’t live without them” ...


RSS print
News Now LiveWire
.@NJCUL encourages #creditunions to join the #Movember2014 movement.
52 minutes ago
.@USATODAYmoney @fileneresearch pre-retirement capability study http://t.co/xvXqwKEbjj. See #NewsNow for report recap http://t.co/pUXrSQFlju
2 hours ago
.@fairwindscu @UCF neck and neck in @OBJUpdate #BrandMadness http://t.co/D8YrKamEX7
2 hours ago
.@TheNCUA to consider separate IRR proposal in response to RBC comments See #NewsNow http://t.co/m7fJcPCmzQ
2 hours ago
You get an extra hour this weekend. How to use it? Try these 12 money tasks via @MainStr http://t.co/wtv5qDkELD
3 hours ago