Word: loan
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...staffing up at Treasury. But he still has personal vulnerability on the issue. It was Geithner, as head of the New York Federal Reserve, who negotiated the AIG bailout last September. At that time, he could have sought to get bonuses repealed as part of the massive government loan...
Freddie lost $1 billion more on bonds tied to short-term loans made to Lehman Brothers. Like Lehman, that investment went belly up. Then there are all the houses it has to repossess as people stop paying their mortgages. The company now owns about 30,000 homes. Maintaining these houses costs about $3,300 a month each, and that comes on top of the loan loss, which is typically about one-third the size of the mortgage. Wave goodbye to another billion...
...government money, but the number has not yet been fixed. And who gets to keep the profit, if there is any? Does Uncle Sam let the private player keep it all, or does the government get some? How and when does the private player have to repay the government loan? And what if the toxic asset stays worthless - does the private buyer lose his money first, or does the government...
...would run such a complicated sale. Previously he talked about using an auction or a reverse auction (in which sellers bid prices lower to attract buyers). Now Administration officials say they may just expand a new program run by the Federal Reserve. That program, the Term Asset-Backed Securities Loan Facility (TALF), is designed to spur consumer lending by stimulating sales of securitized consumer loans. The New York Federal Reserve has had to extend the application period because of market qualms, though Talbott says interest is building...
...needs most. Right now, we need to know which ones. By propping up financial institutions that are subject to unknown potential losses, the government is prolonging the uncertainty about whether they will fail. This perpetuates the crisis of confidence in which banks do not trust one another enough to loan money...