Word: paulson
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Dates: during 2000-2009
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...late on a summer afternoon, and Treasury Secretary Henry Paulson is sipping a Diet Coke in his giant corner office a patch away from the White House and doling out career advice. His secret to success? "You define your job expansively...
...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 bolstering beleaguered mortgage giants Fannie Mae and Freddie Mac. The basic pattern, though, remains the same: Financial tizzy. Dramatic government action. Period of reduced tizzy. Repeat...
...keeping mortgage-lending going in the U.S. since the market for private mortgage-backed securities collapsed last summer. They've been able to keep financing mortgages because of the widespread belief that if they faltered, the government would step in to make buyers of their mortgage securities whole. If Paulson and the Fed hadn't stepped in when Fannie and Freddie faltered in early June, the companies might have stopped buying loans and the housing market might have stopped functioning...
...main such effort has been a voluntary deal announced last December by Treasury Secretary Hank Paulson in which mortgage lenders agreed to freeze interest rates for certain subprime borrowers. But thanks to the Fed, high rates on adjustable-rate loans are no longer the big problem. The big problem is that 9 million U.S. homeowners owe more than their houses are worth; they're upside down, in the parlance, meaning that if foreclosures are to be slowed, the mortgages themselves must shrink...
...Current Treasury Secretary Hank Paulson has already proposed a sweeping revamp of the financial regulatory structure. What hasn't really been answered yet - but could be by a new Administration - is whether we need an entirely new regulatory approach. Ever since Reagan took office, the approach has been to get out of the way and let financial markets work their magic. Now that it's clear just how much of this is black magic, there's a case to be made that financial innovation - especially when it's targeted at consumers - could do with much stricter oversight...