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House Votes to End Mortgage Reduction Program
By not in system - AOL NewsWASHINGTON -- House Republicans pushed through legislation Tuesday to terminate an underachieving Obama administration program designed to reduce mortgage payments for homeowners in danger of losing their homes to foreclosure. Most Democrats, while acknowledging that the Home Affordable Modification Program has fallen short of original goals, protested the vote to kill it. The White House, in a statement, said that if the bill ever reaches President Barack Obama's desk, his senior advisers would recommend he veto it. The vote was 252-170. The GOP-led House this month has voted to kill three ...
Obama Plan Would Shrink Government 'Footprint' in Housing Market
By Politics Daily Staff - Politics DailyLending giants Fannie Mae and Freddie Mac would be phased out under an Obama administration plan that would dramatically shrink the federal government's role in the housing market. Fannie and Freddie, federally chartered enterprises that buy and guarantee mortgages, are in hock to taxpayers for some $145 million. Critics say the two companies were among the culprits in the 2008 financial crisis brought on, in part, by a wave of home foreclosures. Some Republicans want to get rid of both companies. Related Stories Fannie Mae, Freddie Mac Get the Boot from Stock ...
'Dangerous' Debt-Limit Deadline Is Delayed by Treasury
By Joseph Schuman - AOL NewsAmid an escalating political fight over the legal limits on U.S. government borrowing, the Treasury today pushed back the deadline for a "catastrophic" default to midspring, citing an unexpected increase in projected tax revenue. Congressional Republicans have refused to join Democrats in raising the legal debt ceiling from the level of $14.29 trillion set by Congress a year ago unless President Barack Obama promises broad spending cuts. The showdown risks upsetting financial markets as well as the country's debt rating. Michel Euler, AP Not increasing the debt limit "would have ...
Obama Taps New Point Man for Terror Finances, Iran Sanctions
By Joseph Schuman - AOL NewsStuart Levey, architect of the post-9/11 strategy of using the long reach of the U.S. financial system to fight terrorists and pressure Iran to give up its atomic ambitions, is leaving the government just as the sanctions fight with Iran could be heating up. President Barack Obama today named Levey's current deputy and former law partner, David Cohen, the assistant Treasury secretary for terrorist financing, to succeed Levey as undersecretary for terrorism and financial intelligence. Levey was the first to hold the post when it was created by the Bush administration in 2004. And in 2009, ...
Opinion Roundup: The 5 C's of Hu's Washington Visit
By not in system - AOL NewsChinese President Hu Jintao arrives in Washington today for a series of meetings with U.S. officials, including President Barack Obama. The visit will culminate on Wednesday with an official state dinner. It comes a week after U.S. Secretary of Defense Robert Gates traveled to China, where he took a firm stand against China's recent military build-up. From the Atlantic Wire Hu's visit has already prompted a number of regrettable witticisms. But beneath the pun-heavy headlines, here's what reporters, pundits and analysts are saying about the Hu-Obama meetings and why they ...
More Than Half Leave Obama Mortgage-Aid Program
By not in system - AOL NewsWASHINGTON (Nov. 18) -- More than half of the 1.4 million homeowners who enrolled in the Obama administration's flagship foreclosure-prevention program have fallen out. The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. But the latest report from the Treasury Department shows that the effort is still plagued by high failure rates. Approximately 755,000 borrowers, or 54 percent of those who tried to get their payments lowered through the program, have been cut loose through October. That compared to a 53 percent disqualification rate ...
Federal Government to Give Up Majority Stake in Insurance Giant AIG
By Christopher Weber - Politics DailyTwo years after rescuing AIG from the brink of collapse, the federal government is preparing to give up its majority stake in the insurance giant. AIG's board met Wednesday with officials from the Treasury Department and Federal Reserve Bank to form a plan to trade the government's $46 billion in preferred shares for common stock, which would be sold to private investors, The Wall Street Journal reported. The government currently has a nearly 80 percent ownership of AIG. The newspaper said the conversion price could be near $35 per share of AIG, and the transaction will happen early next ...
US Imposes Sanctions on 8 Iranian Officials
By not in system - AOL News
WASHINGTON (Sept. 29) -- The Obama administration stepped up pressure against Iran's government on Wednesday, slapping financial and travel sanctions on eight Iranian officials and accusing them of taking part in rampant human rights abuses. Under an executive order signed this week by President Barack Obama, the State and Treasury departments jointly announced the sanctions that target Iranians who "share responsibility for the sustained and severe violation of human rights in Iran," notably after last year's disputed presidential elections. At a State Department news conference, Secretary ...
Lawrence Summers' Greatest Hits (and Misses)
By David Knowles - AOL News(Sept. 21) -- The White House announced today that its top economic adviser, Lawrence Summers, would resign following the midterm elections. With Summers' departure, Treasury Secretary Tim Geithner will be the last remaining major economic policy figure hired by the president at the start of his term. Both Peter Orszag, the former director of the Office of Management and Budget, and Christina Romer, the former head of the Council of Economic Advisers, resigned earlier this year. President Barack Obama released a statement about the man who served as the director of the National Economic ...
6 Facts About Elizabeth Warren
By David Knowles - AOL News(Sept. 15) -- President Barack Obama will reportedly nominate Elizabeth Warren to serve as a special adviser in helping establish the new Consumer Financial Protection Bureau. The news that Warren has been tapped for what appears to be just a temporary oversight position has placated some liberals but angered many others, who have called for her full appointment as the head of the new agency. Meanwhile, conservatives remain enraged that she's getting any position at all, perceiving her to be far left of the mainstream. But who is Warren, exactly, and why has her appointment been so ...
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