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...bank tax, though, remains the biggest challenge. Canadian Finance Minister Jim Flaherty, for instance, rejected a bank tax out of hand earlier this month, favoring instead a wider implementation of some of the tough rules that left his country's banks relatively unscathed by the crisis. But the publication next month of the International Monetary Fund's recommendations on bank taxes - a report commissioned by the G-20 countries last year - might help coax reluctant nations into considering the measure. "Some countries feel they did their homework," says Arturo De Frias, an analyst at Evolution Securities in London. Should there...
...same time, the industry is bracing for an avalanche of specialized adjustable-rate mortgages, known as option ARMs, as well as certain alt-A mortgages, to reset over the next 12 to 15 months. At least $60 billion in option ARMs will reset in 2010, and an additional $64 billion will do so in 2011, according to First American CoreLogic. Experts say this will likely trigger another round of mortgage defaults and foreclosures in the second half of 2010 and cause home prices to fall another 5% to 10% this year before the market bounces back...
Reaction is mixed to President Obama's plan to prevent up to 4 million homeowners whose mortgages are underwater from defaulting on their loans over the next three years...
Treasury officials emphasize that the program will not save every troubled homeowner. They say it targets 3 million to 4 million of the 12 million who are expected to wind up in foreclosure in the next three years...
...Sarkozy discovered on March 21 when his conservative party was trounced in regional elections. The loss was a stunning reversal of the 2007 polls that propelled Sarkozy to the Elysée and gave conservatives large majorities in both houses of parliament. Sarkozy now has two years before the next presidential election to halt a resurgent left and win back disgruntled supporters...