Word: mae
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Dates: during 2000-2009
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...Freddie's portfolio of [mortgage] insurance is more risky than the market was led to believe," says Paul Miller, an analyst at FBR Capital Markets. Sister company Fannie Mae lost even more last year, with $58.7 billion of red ink. But Fannie was better capitalized than Freddie going into the credit crunch. So even though Freddie by many measures is smaller than Fannie, the problems at Freddie will probably end up costing more...
...least be stretched too thin. "Health care is yet another distraction on the list of things that have distracted Dodd from his [Banking] Committee work," says one Republican Senator who has served with Dodd on the committee. "Legislation to regulate the insurance industry and to crack down on Fannie Mae and Freddie Mac languished before the committee while he was on the campaign trail. Then Countrywide distracted him from the housing bill, a bill that had to be overhauled by the Obama Administration this week," the Senator says, referring to the Administration's changes to the housing program created...
What's more, IndyMac is only one of four financial firms to have effectively been nationalized during the current financial crisis. Among that group, which also includes Fannie Mae, Freddie Mac and AIG, only IndyMac has been returned to private ownership. The others seem a long way off from a similar outcome, if at all. Critics of nationalization say taking over and resolving the issues at a bank like Citigroup, which has hundreds of thousands of employees and businesses spread around the world, would be a much more difficult task than turning around IndyMac, which is a relatively small bank...
...Frank were left off the list of 25 people to blame for the economic meltdown. Each of them chairs a committee with oversight of banking and housing, the two sectors that got us into this mess. Each of them blocked attempts at tighter controls over Freddie Mac and Fannie Mae. Even more outrageous was Dodd's acceptance of a VIP loan from Countrywide. These two characters ought to be No. 1 and No. 2 in the lineup. Tim Grosscup, VILLA PARK...
...neoconservative economist N. Gregory Mankiw, the former chair of President Bush’s Council of Economic Advisors and professor at Harvard University. I agree with Dr. Mankiw’s support for free trade and his expression of disappointment that the Republican-controlled Congress did not reform Fannie Mae and Freddie Mac. However, most of his ideas are precisely what led to our country’s current economic disaster...