Word: bankses
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Japan discovered the futility of ultra-low interest rates in the 1990s, when the Bank of Japan (BOJ) tried to prod the country out of a protracted recession by lowering the rate all the way to zero in 1999 - where it stayed, with one brief interlude, until 2006. Despite the...
By rescuing struggling homeowners, the Bush Administration hopes to avoid further damage to neighborhoods and the economy caused by cascading foreclosures. By creating a safety net for the housing market, officials also are aiming to reduce the uncertainty surrounding the soundness of the country's mortgage debt. A rapid and...
The first plan, backed by FDIC chairwoman Sheila Bair, would create an incentive for banks to change the terms of troubled mortgages by guaranteeing mortgages for millions of Americans who are struggling with their house payments but are otherwise creditworthy. The plan would use up to $50 billion of the...
In these talks, 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...
That brings us to the other big news in the announcement. The FOMC left the door wide open for even more rate cuts, which would bring us into uncharted territory. The federal-funds target rate previously bottomed out at 1% from June 2003 to June 2004. The actual federal-funds...