Word: loaning
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...anti-regulation ideological bent of the Reagan administration sped this transformation, but the Clinton years were the really interesting ones. In the aftermath of the savings and loan collapse and a banking-industry near-miss there was a flurry of activity aimed at keeping banks healthy, not by shoving them back into their New Deal box but by reasserting their central role in the financial system. Glass-Steagall repeal can best be understood as part of this effort. So was 1994 legislation allowing interstate branching. This was a bipartisan movement: The Gramm-Leach-Bliley legislation passed the Senate...
...bank that holds your mortgage goes belly up, your loan, along with all the others it made, will be assets in a bankruptcy proceeding. What's most likely to happen is that some other bank will come along and buy the loan, and then you'll have mail your mortgage payments to a new address...
After establishing a supposed hard line against bailouts over the weekend with Lehman Brothers, the government abruptly abandoned it Tuesday and announced an $85 billion Federal Reserve loan to insurance giant AIG. The explanation: AIG was deemed too huge (its assets top $1 trillion), too global and too interconnected to fail...
...seem to have really focused on AIG's problems until this week. While the company's insurance subsidiaries are regulated by New York insurance superintendent Eric Dinallo, it is overseen at the holding company level by the federal Office of Thrift Supervision, which mostly regulates the savings and loan industry. Plus, it was awfully hard for outsiders - and even insiders - to understand the gravity of the company's problems. "You can read through every financial statement in the world and have absolutely no clue as to the risks they are taking," says Leo Tilman, a former Bear Stearns strategist...
...York Fed asked Goldman Sachs and JPMorgan Chase & Co. to try to arrange a $70 billion private loan for AIG, but that didn't go anywhere. Treasury officials mulled a government conservatorship as with Fannie Mae and Freddie Mac, but it might have required an act of Congress to make that happen. So the Fed devised a deal in which AIG agrees to repay the loan with asset sales and give the government (and thus taxpayers) a 79.9% equity stake in the company...