TARP Investment in GMAC Announced
(US Treasury,
TARP,
Auto Industry,
)
| | Today, the Treasury Department announced that it will purchase $5 billion in senior preferred equity as part of the automotive industry assistance program of December 19th. The Treasury also announced that it has agreed to lend up to $1 billion |
Federal Reserve Issues Additional Info on TALF
(Fed,
)
| | Today, the Federal Reserve Board released additional information regarding the Term Asset Backed Securities Loan Facility (TALF). The documents include a revised set of terms and conditions, namely an extension of the TALF loan maturity from 1 to 3 years, as well as |
Treasury Will Use TARP to Support Automakers
(US Treasury,
TARP,
Auto Industry,
)
| | Secretary Paulson today announced that the Treasury will make loans to both General Motors and Chrysler using the authority provided for the Troubled Asset Relief Program. Paulson noted that, "As a result of this decision, Treasury effectively has allocated the |
Fed Approves Rules to Protect Credit Card Users
(Fed,
)
| | The Federal Reserve Board today approved rules designed to protect credit card users from unfair acts or practices and to improve disclosure. From the release "The final rules prohibiting certain credit card practices were adopted under the Federal Trade Commission |
President-Elect Obama Remarks on Regulatory Reform
(CFTC,
Fed,
SEC,
)
| | Today, President Elect Barack Obama held a press conference announcing two nominees for regulatory positions his administration. Mary Schapiro has been nominated as the Chairman of the Securities and Exchange Commission (SEC), and Gary Gensler as the Chairman of the |
Mortgage Rates Hit 37 Year Low
(Fannie-Freddie-GSE,
)
| | 30 year fixed rate mortgage (FRM) averaged 5.19%, down from last week when it averaged 5.47%. 15 year FRM averaged 4.92%, down from 5.20% last week. "Interest rates for 30 year fixed rate mortgage rates fell for the seventh consecutive |
Steamlined Modification Program Launched as Planned
(Fannie-Freddie-GSE,
foreclosure,
Loan Mod,
)
| | Representatives of the Federal Housing Finance Agency, Fannie Mae, Freddie Mac and Hope Now held a briefing today on the guidelines and qualification tools being used by the Streamlined Modification Program (SMP) which launched on December 15th. Links to Briefing Materials |
FDIC Chair Says Foreclosure Prevention Must be Regulators’ Top Priority
(FDIC,
foreclosure,
Loan Mod,
)
| | FDIC Chairwoman Shiela Bair spoke today to the New America Foundation Conference. Her speech touched on two issues her belief that the Community Reinvestment Act is not to blame for the current housing crisis, and her strong feelings that foreclosure |
FINRA Issues Notices: Sales of Securities In a High Yield Environment and Sales of Cash Alternatives
(FINRA,
)
| | Regulatory Notice 08 81 – “to remind firms of their obligations in the sale of securities such as bonds, bond funds, structured products and non conventional investments, in a high yield environment…FINRA reiterates the guidance set forth in previous Notices |
SEC Chairman Issues Statement on Madoff Investigation
(SEC,
)
| | Securities and Exchange Commission Chairman Christopher Cox issued a statement regarding the investigation of Bernard Madoff and his firm, Bernard L. Madoff Investment Securities. Chairman Cox acknowledged that earlier allegations against Madoff had been brought to the SEC staff but not been acted upon. He announced |
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