Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (07/14/2008)
* WASHINGTON (7/15/08)--The Federal Reserve Board and Bush administration announced Sunday that the Federal Reserve Bank of New York has the authority to lend to Fannie Mae and Freddie Mac. “This authorization is intended to supplement the Treasury's existing lending authority and to help ensure the ability of Fannie Mae and Freddie Mac to promote the availability of home mortgage credit during a period of stress in financial markets,” the Fed said in a release. Any lending would be at the primary credit rate. The Treasury also proposed a three-part plan: a temporary increase in the line of credit the government sponsored enterprises (GSEs) have with Treasury, temporary authority for the Treasury to purchase equity in either of the two GSEs if needed and a consultant role for the Federal Reserve in the new GSE regulator's process for setting capital requirements, Treasury Secretary Henry Paulson said. Government agencies are stepping up to help the GSEs as Fannie and Freddie shares dropped about 35% last week (American Banker July 14) ...


RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
19 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
20 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
23 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
23 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
1 day ago