Word: mortgagee
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As mortgage losses continued to mount and the credit-crisis snowball rolled on, private equity, with some SWF support, took on the role of recapitalizing regional banks. Yet there's still no end to the crisis in sight. On July 11, U.S. regulators shut down IndyMac Bank, the second-largest...
I count six such episodes since August 2007. In the early days, the Federal Reserve Board did all the work and usually made its big announcement on a Friday. Since then, Treasury Secretary Hank Paulson has moved to the fore, and he picked a Sunday afternoon to float his proposal...
For the financial crowd, this may well be--as is oft proclaimed--the worst crisis since the Great Depression. But you don't have to agree with Phil Gramm that this is a "mental recession" to acknowledge that things don't look quite so bleak beyond Wall Street--unless you...
You can see this most clearly in the case of Fannie Mae and Freddie Mac, which buy mortgages from banks, thrifts and mortgage brokers and repackage them for sale to investors around the world. The two government-chartered companies have, together with the Federal Housing Administration, been the main factors...
All this activism comes at a price. The Fed's rate cuts have fueled inflation and undermined the dollar, now trading at about $1.60 to the euro. The Treasury's willingness to backstop Fannie and Freddie, which together are on the hook for $5.2 trillion in mortgage debt--just slightly...