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Washington
Inside Washington (07/29/2008)
* WASHINGTON (7/30/08)--Critics are arguing that top executives at Fannie Mae and Freddie Mac should step down from their positions because the government had to step in and rescue the enterprises (American Banker July 29). Mistakes can be traced by to the companies’ CEOs, according to Bert Ely, an independent analyst in Alexandria, Va. Thomas Stanton, a fellow at the National Academy of Public Administration, said the CEOs needed to take longer-term perspectives in managing the enterprises, instead of concerning themselves with just the quarterly reports. Others say Fannie’s CEO, Daniel Mudd, and Freddie’s CEO, Richard Syron, could not control the circumstances that led to the enterprises’ downfall. At a hearing on the enterprises two weeks ago, Henry Paulson, Treasury secretary, said he is grateful for the service the enterprises’ management is providing ... * WASHINGTON (7/30/08)--Regulators pushed for the use of covered bonds by financial institutions during a press conference Monday. The bonds can increase mortgage financing, strengthen financial institutions by providing funding and improve underwriting standards, said Treasury Secretary Henry Paulson. Bank of America, Citigroup, Wells Fargo and JP Morgan Chase and Co. said they would issue covered bonds soon. Bank of America is the only one who has offered the bonds in the U.S., while Washington Mutual has offered them overseas. Covered bonds are used to fund assets that remain on a balance sheet when banks sell their loans to be packaged into securities. The bonds could prevent mistakes that triggered the housing crisis, regulators said ...


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