Thursday, October 23, 2008
FDIC Chief Follows Last Week’s Comments That Bank Bailout Is ”Not Enough” with a Plan Similar to “A Solution That Works”
FDIC Chairman Sheila C. Bair testified on foreclosure before the Senate Committee on Banking, Housing and Urban Affairs this morning. Here’s a snippet of Bair’s address:
Despite what we hear about the credit crisis and the problems facing [...]
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Tagged A Solution That Works, Bank Bailout, Dan Gilbert Housing Plan, FDIC, Financial Bailout, Financial Crisis, Foreclosure Crisis, foreclosures, IndyMac, Mortgage Defaults, Senate Committee on Banking Housing and Urban Affairs, Sheila Bair
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Yesterday, the Chairman of the Federal Deposit Insurance Corp (FDIC) — the organization that insures banking deposits — criticized the U.S. Government’s recent $700 billion rescue package as helping stabilize financial markets, but not doing enough to address home foreclosures.
FDIC Chairman Sheila Bair told the Wall Street Journal she’s perplexed that so much attention has [...]
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Tagged Bank Bailout, FDIC, Federal Deposit Insurance Corp, Financial Bailout, Financial Crisis, foreclosures, Homeowner Bailout, Homeowner Rescue Plan, Housing Market, Mortgage Defaults, Sheila Bair
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In this morning’s Sunday edition of The Detroit Free Press, Free Press business columnist Tom Walsh takes a look at two “sane” proposals to fix the housing meltdown: a plan from retired Episcopalian priest and head of the Detroit Office of Foreclosure Prevention and Reponse, Stephen Bancroft, and Dan Gilbert’s “A Solution That Works.”
Here’s what Walsh [...]
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Tagged dan gilbert, Dan Gilbert Housing Plan, Detroit Free Press, Detroit Office of Foreclosure Prevention and Response, Financial Crisis, foreclosure, Freep, Housing Market, Housing Meltdown, Quicken Loans, Stephen Bancroft, Tom Walsh
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Michigan Senator says bailout bill too costly; supports a plan similar to Dan Gilbert’s homeowner rescue proposal
Sen. Debbie Stabenow, D-Mich, told the Associated Press on Wednesday that Congress’ $700 billion attempted bailout of the banking industry was “too expensive” and didn’t address the core issues underneath the current financial crisis: the housing market and jobs.
Stabenow [...]
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Tagged A Solution That Works, Congress, dan gilbert, Dan Gilbert Rescue Plan, Debbie Stabenow, Gilbert plan, government bailout, Housing Crisis, Michigan Senator, Mortgage, Politics, Senate
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Thursday, October 9, 2008
White House considering taking over some banks, says AP, anonymous source.
The big news this morning is a rumor that the White House is considering taking over ownership of certain banks — the latest move in the government’s “Whack-a-Mole” approach to dealing with the current financial market crisis.
According to the Associated Press:
An administration official, who spoke on [...]
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Tagged A Solution That Works, Associated Press, bad debt, Bank Bailout, Financial Bailout, Financial Crisis, foreclosures, Henry Paulson, Housing Market, John McCain, mortgages, US Treasury Department
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Fed’s Solution to Market Meltdown: Buy Up More Short-Term Debt
The Federal Reserve announced today that they will be invoking Depression-era powers to buy “commercial paper”, which it hopes will provide struggling companies with money to pay their bills.
In this action, the Fed basically becomes a source of credit for nonfinancial business, in addition to the traditional [...]
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Tagged Ben Bernanke, Commercial Paper, credit, Credit Crunch, Dow, Fed, Fed Chairman, Federal Reserve, financial meltdown, foreclosure, House Market, Max Bublitz, property values, SCM Advisors, stock market
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Bloomberg columnist Caroline Baum, others believe latest legislation from Washington won’t be enough to heal financial markets.
Excellent Op-Ed piece that appeared this morning on Bloomberg.com from columnist Caroline Baum. Baum takes a look at why Friday’s “emergency” legislation won’t be enough to solve the continued economic issues we’re faced with. Baum trots out a number of alternative plans that never [...]
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Tagged Bloomberg News, Caroline Baum, Credit Crunch, Emergency Economic and Stabilization Act of 2008, Financial Bailout, Financial Crisis, Financial Opinion, foreclosure, Home prices, Market News, Market Turmoil, Marketfield Asset Management, Michael Aronstein, Paul O'Neill
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Saturday, October 4, 2008
Will the Government Bailout Plan Work? Financial Markets Are Still Nervous, Should We Be?
Interesting article from Yahoo and the Associated Press around the challenges still ahead, in spite of the $700 billion dollar banking bailout plan signed into law by the President today:
Bailout signed, now it’s wait and see its effects
From the article:
The immediate response to [...]
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Tagged bailout plan, banking, Congress, Credit Crunch, Economic Plan, Financial Bailout, Financial Crisis, Financial Rescue, Fixing The Mortgage Mess: Interview with CNBC, foreclosure, foreclosure rates, foreclosures, government bailout, home values, Housing Crisis, Housing Market, lending, Mortgage, mortgages, Senate, stock market
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