Word: congresses
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...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 $700 billion in bailout funding approved recently by Congress and would draw on new loan-guarantee authority passed under the bill. The Federal Government would guarantee loans readjusted for homeowners who can show annual income worth 38% of the debt on their house. Under the plan, lenders would be encouraged to lengthen loan terms and make other adjustments...
...official. The official said there were advantages to using existing HUD programs rather than starting a new one from scratch, adding that it was unclear who would administer the FDIC's plan. "There's a lot of work to do to flesh out [Bair's] idea," the official said. Congress and both candidates for President have also discussed potential homeowner-bailout programs of their...
...issue is whether the money will come from $25 billion in loan guarantees Congress approved in September specifically for the automakers and their suppliers or from the $700 billion in federal assistance that Congress approved to bail out struggling banks. GM wants the money to come from the $700 billion and to save the $25 billion to pay for new vehicle development, noted Sean McAlinden of the Center for Automotive Research in Ann Arbor, Mich...
...instant, the winner is sucked through a wormhole back into the real world. A world in which Congress, not the President, writes all the laws and gets the last word on the budget. Where consumers decide which cars to drive and how many lights to burn. And where the clash of powerful interest groups makes it easier to do nothing about big problems than to tackle them. Even the strongest, wiliest, most effective Presidents must change shape and shift direction to accommodate these and other forces. An ability to alter course without losing one's way is essential to presidential...
...guilty on Monday of federal ethics violations for accepting unreported thousands of dollars’ worth of gifts, including a home renovation. Once the chair of the Senate Appropriations Committee and the President pro tempore, Stevens had become over the years one of the most influential men in the Congress...