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...Those principles are similar to the ones the FDIC worked out for the 60,000-odd bad home loans it took on when it closed IndyMac, a failed California bank, last summer. Bair outlined her proposal in testimony on Oct. 23 before the Senate Banking Committee. "The government could establish standards for loan modifications and provide guarantees for loans meeting those standards," she said. "By doing so, unaffordable loans could be converted into loans that are sustainable over the long term." At the same hearing, Neel Kashkari, the acting assistant Treasury Secretary in charge of the $700 billion bailout package...
...however, it appears that the breadth of her proposal is causing friction. HUD's existing programs would seem to be the natural foundation for a mortgage rescue plan. But part of the problem in addressing the housing crisis is figuring out which loans can still be serviced, since some banks required little or no documentation of a homeowner's ability to carry the loans. The FDIC's role as a bank overseer is viewed as giving it more insight into the quality of loans on banks' books...
...feeling is right. He respects Clark - he once watched her in a meeting "cut through the bulls... in no time flat" - and voted Labour in 2005. "But not this time," he says. "The place needs an overhaul. They're turning the place into a nanny state. The idea bank is drying...
...pages. Obama recently told Time's Joe Klein that Job One is the unknowable task of patching and stabilizing the sinking economy, which makes sense because the power of this issue to shape the next presidency is absolute. The financial crisis has already changed Reagan Republicans into bank nationalizers almost overnight. Presidential-transition expert Paul Light calls this the most harrowing environment for a change of Administration since Lincoln took charge of a country split...
Member Benefits. Continental Airlines is waiving fees on the first checked bag for holders of Continental Airlines Chase Bank credit and debit cards. That's a cool $15 back in your pocket...