Word: mortgagee
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Congress is fighting with both the administration that is leaving and the one that is coming about what should happen to the $350 billion left in the TARP. Most legislators do not seem to be happy about how Treasury Secretary Henry Paulson spent the first $350 billion. Too much of...
The auto industry bailout saga is working its way up and down the supply chain. Shortly before Christmas, the Federal Reserve Board quietly provided $200 million of support aimed specifically at auto dealers, who have had a difficult time financing their inventories - forcing some of them out of business. The...
Would being smaller and more focused have helped Citi over the past two years, or in the period just before that when it was piling up investments in mortgage-backed securities and LBO debt? Since all of its peers, even the smaller banks, did the same thing, probably not.
The conventional wisdom was that 2008 would be the worst year for bank losses in years, but that it would be the bottom. The damage of mortgage-backed securities has moved into the past. What else could be left?
It wasn't a popular view back then. "He had taken a lot of heat" for the position inside the Fed, a colleague says. Some regional Fed presidents thought he was excessively gloomy. As an insider put it, they thought Geithner had been captured by his constituents - the heads of...