Often I start the commentary off saying something witty, but I couldn’t think of anything clever so I thought I’d suggest you take a look at this video about seat belts (also embedded below). It is making the rounds, and with good reason.
Posts Tagged ‘Barney Frank’
Why Rates Won’t Rise On March 31, Problem 2nd Mortgages, FDIC’s To Auction $1b In Failed Bank Assets
IRS Definition of Mortgage ‘Points’, Chinese Banks Ordered To Raise Reserves
On the possibility of Fannie and Freddie going away, one clever rep wrote to me and asked, “Do we really need FNMA, FHA, and FHLMC when it is all government run anyway? They could start a new entity named “Federally Regulated Committee to Normalize Mortgage Securities”, or “FRCNMS” – pronounced “FRICKEN MESS”.
Six Banks Failed In 2010, FOMC Meeting Primer, Can Fannie/Freddie Be Replaced?
Replace Fannie/Freddie? In the current environment, the government giveth, and the government taketh away. Barney Frank once again made headlines last week with the statement that the House Financial Services Committee will recommend doing away with Fannie Mae and Freddie Mac and “rebuilding the U.S. housing-finance system from scratch”. “A whole new system of housing [...]
Obama On House Financial Reform & Banker Push-Back (video & transcript)
Below are key excerpts from the full transcript of Obama’s 12/12/09 response to the House reform bill. Also today, Obama hosted executives of the biggest financial firms at the White House and said big banks owed an “extraordinary commitment” to help rebuild a sustaining recovery after the government assistance they got. He also said that [...]
House Passes Biggest Financial Regulatory Changes Since 1930s
Thought the healthcare debate was big in 2009? It looks like 2010′s financial regulatory reform debate could be bigger. The House today passed a bill (vote: 223-to-202) authored largely by House Financial Services Committee Chairman Barney Frank that will now be debated and reconciled with a Senate bill over the coming months with an eye [...]
Trailer Loans Discontinued, Did TARP Work?, Obama Scrapping Home Ownership?
There are lots of trailer trash jokes out there, and more at the bottom of this post (You know you’re trailer trash when “You have your local taxidermist on speed dial”, “You think ‘The Nutcracker’ is something you do off the high dive”, and “Your grandmother has ‘ammo’ on her Christmas list”, for example). Manufactured [...]
Citi’s Mortgage Bank Division Scaling Back, Fannie: Condos Must Be 70% Sold, 51% Owner-Occupied
Smith climbs to the top of Mt. Sinai to get close enough to talk to God. Looking up, he asks the Lord, “God, what does a million years mean to you?” The Lord replies, “A minute.” Smith asks, “And what does a million dollars mean to you?” The Lord replies, “A penny.” Smith asks, “Can [...]
Remaining $350b of TARP Funds To Come With More Pressure On Banks To ‘Redeploy’ Capital
There is $350b left in of the original $700 billion Troubled Asset Relief Program funds that were approved by Congress and the White House in October. At that time, funds were to be used to buy troubled assets from banks—illiquid mortgage securities mostly—to get banks to regain their appetite for lending again. Right after TARP [...]
House Rejects Bailout, Reconvening Oct 2. Dow Drops Most Ever 778pts, US Stocks Lose $1.1 Trillion
With a vote of 228 Nay to 205 Yea, the House of Representatives voted against the Treasury’s proposed financial market bailout plan—see below for unprecedented drops in markets. House Financial Services Committee Chairman Barney Frank said that they will see how markets play, and reconvene this Thursday October 2. Partisan bickering took precedence over the [...]
