Posted on 15 December 2009
Tags: American taxpayers, Citigroup’s announcement, economy, major banks, Obama's White House meeting with bank executives, President Obama, Treasury Department, U.S. bank, US economy, White House, White House meeting
Yesterday President Obama said that after the government bailed the nation’s banks out of a crisis “largely of their own making”, so now they are obliged to help in accelerating the U.S. economic recovery.
Obama’s meeting with Bank Executives
After a White House meeting with bank executives Obama said that as extraordinary assistance has been received by America’s banks from American taxpayers so now as they’re back on their feet, so the government is anticipating an extraordinary commitment from them to help rebuild the economy.
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Posted on 28 August 2009
Tags: American International Group, authority, billion, buying, Fannie Mae, Federal Housing Finance Agency, Federal Reserve, financial stock, financial system, freddie Mac, government, industry, insurer, investors, Loans, Money, Mortgage, Prices, profit, regulator, Securities and Exchange Commission, selling, stocks, taxpayer, trading, Treasury Department
Although most of the analysts think that their prices are almost certain to go to zero, investors are still trading common shares of Fannie Mae, Freddie Mac and American International Group Inc. by the billions.
The government owns the majority of all three, and they are losing huge sums of money. The Securities and Exchange Commission and other regulators don’t have the authority to end the trading of stocks in such companies that are technically alive, until the government takes them off life support.
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Posted on 05 August 2009
Tags: anti-foreclosure program, Bank of America, borrowers, economy, homeowners, lenders, loan, mortgage crisis, mortgage markets, Obama, prevent foreclosure, Treasury Department, Wachovia, Wells Fargo
Just a tiny fraction of struggling homeowners have gained benefit from the government’s $50 billion program to ease the mortgage crisis. A list has also been that shows the lenders which are acting lay.
Only 9 percent of eligible borrowers have benefited by the program and had their mortgage payments reduced with modified loans during the last month. Furthermore, a report showed that 10 lenders had not changed a single mortgage.
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Posted on 04 August 2009
Tags: anti-foreclosure programs, Bank of America, Banks, Barack Obama, Citigroup, default, default management services, Deloitte & Touche LLP, Foreclosure, homeowner, JPMorgan Chase & Co, loan, Making Home Affordable loan modification program, monthly payments, Mortgage, mortgage servicers, mortgage-finance companies, Obama Administration, TARP, Treasury Department, Treasury’s Troubled Asset Relief Program, U.S. banks, Wells Fargo & Co
According to a Treasury Department report, the largest U.S. banks have found it more difficult to meet demand for loan modifications than their smaller rivals. As stated by a U.S. Treasury official, the pace and effectiveness of the government’s anti-foreclosure programs has been limited by the inability of some mortgage servicers to keep up with demand.
David Sisko, the head of default management services for Deloitte & Touche LLP said that the Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. are likely to show the poorest levels of homeowner assistance among the 31 companies participating in President Barack Obama’s $75 billion loan modification program. The government said it wants to clearly show the companies that are doing the most to help.
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