Word: bankses
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If U.S. Treasury Secretary Henry Paulson thinks he got hammered on Capitol Hill Tuesday morning for not doing enough to stem the tide of foreclosures, he's lucky he wasn't at the public library in Miami Gardens, Fla., Tuesday night. More than 200 homeowners facing foreclosure were hooking up...
But if little is likely to be done inside the Beltway - Federal Deposit Insurance Corporation chairwoman Sheila Bair is still pushing for a homeowner-relief plan - local leaders are looking for makeshift solutions at the grass roots. One notion is to let cities use NSP money to leverage lenders into...
The lenders insist they need neither carrot nor stick to do what's right in this emergency, and indeed, many banks, including JPMorgan Chase, Citigroup and Wells Fargo, have already instituted loan-modification programs (if only, critics say, to head off any government-imposed solution). "We've always been committed...
Within the Administration, territorial divisions are emerging. The FDIC chief, Sheila Bair, has tried to get the Administration to use some of the Treasury's emergency-bailout money to get banks to adjust failing mortgages. The White House strongly opposes her plan, and there have been recriminations between several of...
More important than the battles between parties or among Democrats, though, are the disputes within the Republican Party. The nastiest fight has been over the program to restructure mortgages nationwide. On Oct. 30, staff from the Treasury Department met with staff from the FDIC to discuss a $50 billion plan...