The fed is working on, what amounts to the biggest bail out for banks in over a decade. With AIG, Lehman Brothers, Merrill Lynch, Morgan Stanley, Washington Mutual all falling prey to their own practices and a panic stricken economy, the fed and treasury have come together with separate measures to help struggling banks.
The Treasury [...]
All Posts Tagged With: "Fannie Mae"
Biggest bank bail out in decades
Update: Dow slips below 11000, Lehman Brothers files for Bankruptcy protection, Merrill bought by BOA
Update: The Dow Jones is down 500 points and closed below 11,000 erasing about $700 billion in shareholder wealth.
In a shocking turn of events over the weekend, financial firm Lehman brothers has filed for federal bankruptcy protection. The news comes within days of Lehman assuring Wall Street and investors of its survival, and putting itself [...]
Government takes control over Freddie Mac and Fannie Mae
Treasury secretary Henry M. Paulson, Jr. issued a statement today along with Jim Lockhart, Director of the new independent regulator, the Federal Housing Finance Agency (FHFA) on providing Treasury and FHFA protection to the two government sponsored enterprise’s (GSE): Freddie Mac and Fannie Mae.
The announcement today is a contract between the Department of [...]
Bush signs $300 billion Housing and Economic Recovery Act
President Bush has signed the Housing and Economic Recovery Act after the US House of Representatives had passed the plan on 07/23. It provides aid to homeowners facing foreclosure and protects the country’s two largest mortgage finance companies from collapse.
Fannie Mae and Freddie Mac guarantee almost half the country’s $12 trillion in home [...]
