Word: mortgagees
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Dates: during 2000-2009
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Why the turnaround? It comes down to this: Banks need money. The U.S. government has it. Or can print it. So in addition to the end-around plans to buy mortgage securities and other toxic assets that Paulson and Fed Reserve Chairman Ben Bernanke have been devising, why not go...
There are good reasons for that. The U.S. is by far the largest economy in the world, more than three times bigger than no. 2, Japan. And with annual imports of more than $2 trillion, it is the world's shop-till-you-drop economic engine. If that engine stutters...
But Kashkari, who grew up outside Akron, Ohio, has been neck deep in the mortgage mess for the past year. In the summer of 2007, Paulson tasked him with assessing plans to untangle the housing mess, and this year he launched a program to funnel money to struggling mortgage holders...
But even Paulson's team of whiz kids is struggling to keep up with the biggest financial crisis the U.S. has faced in more than 75 years. Kashkari must quickly figure out how to spend the first chunk of the $700 billion to maximum effect. He's looking at devices...
There are also promising signs that the broader market for municipal bonds is starting to thaw. On Oct. 7, Kentucky sold $400 million worth of bonds to finance education and public works projects around the state. It was one of the first major issues since the Federal Government started taking...