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US Officials Discuss Second Economic Stimulus Package October 20, 2008 Officials in Washington are openly discussing the possibility of another federal stimulus package to boost the troubled U.S. economy. |
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US Moves to Strengthen Banks as Markets Rally October 14, 2008 World markets are rallying sharply for a second consecutive day as governments continue coordinated efforts to prop up financial institutions and unfreeze tight credit. Government is buying up to $250 billion in stock of private banks and increasing government guarantees of loans and deposits. |
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Congressional Democrats, Economic Experts Discuss New Stimulus Package October 14, 2008 Majority Democrats in Congress met with economic experts on Capitol Hill Monday to discuss a new package of steps to stimulate the U.S. economy. |
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Feds Cut Interest Rate October 08, 2008 In an effort to ease monetary conditions the Federal Open Market Committee along with central banks around the globe have made an emergency rate cut of 0.50 percent. |
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Fannie Mae and Federal Home Loan Bank of Chicago Teaming Up October 07, 2008 In a move to provide more liquidity and stability to the market place the Federal Home Loan Bank of Chicago has teamed up with Fannie Mae to create the Mortgage Partnership Finance® (MPF®) Xtra mortgage program. |
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US Federal Reserve Moves Again to Help Economy October 07, 2008 Economic officials from major nations are struggling to reverse a global credit crisis that threatens to stall the economy. |
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US Congress Approves Financial Bailout; Bush Quickly Signs October 06, 2008 President Bush has praised what he calls bold bipartisan action by the U.S. Congress in approving a measure aimed at rescuing U.S. financial markets. The House of Representatives Friday approved a Senate-passed version of the financial rescue legislation in a 263-171 vote. |
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US Senate Passes Bailout Plan October 03, 2008 The U.S. Senate has overwhelmingly passed the $700 billion rescue plan for the U.S. financial system. |
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Senate to Vote on Financial Rescue Plan October 01, 2008 The U.S. Senate has scheduled a vote for Wednesday on a revised version of the $700-billion financial rescue plan the House of Representatives rejected Monday. The two main U.S. presidential candidates, Republican John McCain and Democrat Barack Obama, along with Obama's running mate, Joe Biden, are expected in Washington to vote on the measure. |
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Wachovia Banking Operations To Be Acquired By Citigroup September 30, 2008 In a move to avoid complete failure Wachovia announced that it will be selling its retail bank, corporate and investment bank and wealth management business to Citigroup by years end. The deal will be facilitated by the FDIC and is waiting approval from Wachovia shareholders. |
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House Rejects Emergency Financial Bill; Democrats, Republicans Trade Accusations September 29, 2008 In a 228 to 205 vote, the U.S. House of Representatives voted down a $700 billion measure aimed at addressing the nation's financial crisis, as lawmakers from both major political parties defied their leadership and voted against the bill. |
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US House of Representatives rejects bail out bill in vote September 29, 2008 The US House of Representatives rejected a bill on the USD 700 billion bail out of US banks. The voting on the bill has completed. |
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US Lawmakers Prepare to Vote on Financial Rescue Plan
September 28, 2008 U.S. lawmakers - preparing for a vote Monday - have made public draft legislation that would pay for the government to buy up to $700 billion in bad debt from private financial companies. The draft of the bill was circulated Sunday to allow members of the House of Representatives to review it before voting on it Monday, with a Senate vote most likely later in the week. |
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HUD Announces Nearly $4 Billion To Neighborhood Stabilization Program September 27, 2008 U.S. Housing and Urban Development Secretary Steve Preston has allocated $3.92 billion to state and local governments to help stabilize some of the countries hardest hit foreclosed areas. |
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Washington Mutual Seized By U.S. Government September 26, 2008 Washington Mutual’s failures to continue operating safe and sound lending practices marks the largest bank failure in U.S. history. As quickly as the bank was shut down, JP Morgan Chase jumped at the opportunity to purchase, through a government auction, all of WaMu’s assets, deposits and certain liabilities on a fire sale. |
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Breaking Down The Mortgage Bailout September 25, 2008 Understanding the mortgage bailout runs a lot deeper than the government simply buying bad mortgages from lenders and putting them on the tax payers shoulders. In fact, the government may even be able line its pockets with trillions of dollars that would once again show the resiliency of the American economy. |
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Paulson’s $700 Billion Blank Check September 23, 2008 Secretary Henry Paulson is rushing Congress into passing his new mortgage bailout relief program that would essentially give Paulson $700 billion to spend as he sees fits without consequences. Congress, however, has its skeptics on passing such a large bailout that would put American taxpayers on the hook if it fails. |
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$700 Billion Mortgage Bailout September 22, 2008 On Saturday, the Bush administration asked Congress for the authority to purchase $700 billion in bad mortgage assets in hopes of containing the ongoing financial crisis --- currently assailing Wall Street and financial firms, and affecting markets worldwide. |
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Giant Mortgage Bailout Backed By Many Respected Officials September 8, 2008 The bailout of Fannie Mae and Freddie Mac is a move that has been desperately needed to help restore the US residential housing market, and is long overdue according to Barney Frank. The bailout is also considered by the National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) as a move to bring more liquidity to the housing market. |
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The Fannie Mae and Freddie Mac Bailout Is Official September 7, 2008 Secretary Henry Paulson and FHFA Director James Lockhart, on September 07 2008, announced the official government takeover of mortgage giants Fannie Mae and Freddie Mac. The takeover comes as the mortgage industry continues to deteriorate due to tightening credit standards and the continued downturn in home values. |
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Silver State Bank of Henderson Nevada Shut Down September 6, 2008 Since June of 2008 the FDIC and the Nevada Financial Institutions Division (NFID) have had a close eye on Silver State Bank. On September 5th 2008 the two regulators shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development. | 
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