Word: loan
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...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 in order to lower monthly payments to help...
...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...
...struggling homeowners would be covered in a bailout, another Administration official stressed. The plan is to assist only people with sustainable home loans, not borrowers who made bad decisions and are stuck with mortgages they clearly can't pay off. "We're not doing anything for people who are under water," said the official. The FDIC plan would attempt to filter out "the people we can't help. There are foreclosures that will go forward." The process of sorting good from bad loans would also provide clarity for mortgage markets by helping financial institutions assess where the risks...
...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...
...main banks, and investors began to worry about a national default on debt given the size of the debts the government had to absorb. Despite the harsh criticism it has endured in the last decade, it was the IMF that stepped in to provide a highly symbolic $2 billion loan to Iceland, which was followed by support from a consortium of Nordic central banks. This has finally eased some pressure on the unfortunate island, but it has left many wondering how this chaos might have been averted. The Icelandic financial services bubble was a ticking time bomb, and the Brown...