Word: hanks
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Federal Reserve chairman Ben Bernanke, who in March put up $29 billion to entice JP Morgan Chase to take over struggling Bear Stearns, and Treasury Secretary Hank Paulson, who just over a week ago committed up to $200 billion in taxpayer funds to rescue mortgage lenders Fannie Mae and Freddie Mac, have opted not to go the bailout route this time. The Fed did announce yet another expansion of its lending programs to banks and investment banks, but so far that's it. The hope seems to be that if Lehman's (and perhaps AIG's) liquidation transpires...
...what is getting to be something of a habit, Treasury Secretary Hank Paulson ruined his own and a lot of other people's weekend by choosing the morning of Sunday, Sept. 7, to announce the seizure of money-losing mortgage giants Fannie Mae and Freddie...
...extraordinary moment in China's long history. Henry Kissinger, the architect of the opening to China in 1972, was there. So, too, was former President George H.W. Bush, who took considerable political risks at home to rebuild Sino-American relations in the wake of Tiananmen Square. And also Maurice "Hank" Greenberg, the former chief executive of AIG and one of the earliest and most aggressive U.S. investors in the New China. They were joined by a legion of American CEOs. But Bush and Kissinger - bureaucratic rivals within the U.S. government 30 years ago - were the focal points. Both...
...count six such episodes since August 2007. In the early days, the Federal Reserve Board did all the work and usually made its big announcement on a Friday. Since then, Treasury Secretary Hank Paulson has moved to the fore, and he picked a Sunday afternoon to float his proposal for bolstering beleaguered mortgage giants Fannie Mae and Freddie Mac. The basic pattern, though, remains the same: Financial tizzy. Dramatic government action. Period of reduced tizzy. Repeat...
...main such effort has been a voluntary deal announced last December by Treasury Secretary Hank Paulson in which mortgage lenders agreed to freeze interest rates for certain subprime borrowers. But thanks to the Fed, high rates on adjustable-rate loans are no longer the big problem. The big problem is that 9 million U.S. homeowners owe more than their houses are worth; they're upside down, in the parlance, meaning that if foreclosures are to be slowed, the mortgages themselves must shrink...