Word: mortgagee
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The Treasury's willingness to eat up toxic mortgage-backed assets stuck on bank balance sheets could help temporarily improve those banks' standing, but there's no certainty it will adequately ease the flow of lending in a market permeated by fear of further failures. In fact, the Federal Reserve...
So much for European unity. Less than 24 hours after leaders of the European Union's four largest countries gathered in Paris Saturday to pledge a collective defense in the global financial crisis, the strategy crumbled in the face of a still worsening credit crisis in Europe's banks. German...
The gap between Saturday's rhetoric and Monday's reckoning was amply visible in advance. For all the brave-sounding statements about a common response at French President Nicolas Sarkozy's conclave on Saturday, he and Merkel, along with Prime Ministers Gordon Brown of Britain and Silvio Berlusconi of Italy...
A former advisor to President Clinton, Frankel also said that the high rate of mortgage defaults was caused in part by the wish of every American to own a house, a desire which both political parties encouraged.
The bill passed the House 263 to 171 - with 91 Republicans and 172 Dems voting yes - a larger margin than expected, considering the bill's spectacular failure, 228 to 205, on Monday that caused the largest one-day drop, 778 points, in the Dow Jones industrial average. Very soon after...