Word: loan
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Fannie Mae began life in 1938 as the Federal National Mortgage Association, a New Deal government agency, and was privatized in 1968 to get its debts off the government's books. Two years later, Congress created Freddie Mac, the Federal Home Loan Mortgage Corp., in part to give Fannie some competition. The firms became odd hybrids--government-sponsored enterprises (GSES) accountable to private shareholders. And they got away with holding only tiny capital reserves to insure against losses in their giant portfolios--partly because of their quasi-governmental status and partly because mortgages were supposed to be safe...
Detroit's struggling and battered automakers are mounting an ambitious push this week for up to $50 million worth of federal loans, which are much less expensive than private credit. They are eager to have necessary legislation in place by the time Congress adjourns before the election. As recently as last winter, loan guarantees for carmakers had seemed like a piece of the Motor City's past (President Carter signed off on the Chrysler loan guarantees in 1980). But a combination of the economic slowdown and Presidential campaign politics, as well as the precedent of the federal bailout of Wall...
However, the tight Presidential race is playing out to the advantage of domestic carmakers as they press for legislation for the loan guarantees. The list of states that would benefit includes the potential swing states of Michigan, Ohio, Indiana and Missouri. "That's where the election is going to be decided, right there," notes one Ford official, who asked not to be identified. Barack Obama, the Democratic Presidential candidate, and Republican nominee John McCain have endorsed the loan guarantees. Both candidates also voted for the Energy Bill approved by Congress and signed by President George W. Bush in December that...
...Sept. 9. "I wouid be loathe to put a timetable to this," says GM's Martin. "But we would like to see it in place by the end of the session. We are attaching a large sense of urgency to it." The Democratic leadership is considering attaching the loan guarantees to either a new economic stimulus package that Congress is expected to take up this month or even to the appropriation bill need to keep the federal government running after...
...recent high school grad from Glen Gardner, N.J., Stephenson is sending out his e-mail solicitation at a time when students' financial needs are expanding and the loan market is shrinking. A slew of peer-to-peer lending companies geared toward the college set - including Virgin Money, GreenNote, Fynanz, and CapAlly - have sprung up in the past year. Borrowers create Facebook-like profiles detailing their backgrounds, interests, and financial goals, and lenders choose the students who seem particularly appealing - or appear most likely to pay back the loan. The companies play matchmaker, then keep track of who owes what...