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Obama Overhaul of Housing Finance Would Scuttle Fannie, Freddie
By Joseph Schuman - AOL NewsThe Obama administration today sent to Congress proposals to reduce government support for the home finance market, a series of ambitious if sketchy and protracted moves that would wind down the federally backed mortgage giants Fannie Mae and Freddie Mac. The 32-page plan outlines steps to make room for more private capital while reducing the role of Fannie and Freddie -- known as government-sponsored enterprises -- in the market for funding loans to prospective home buyers. "This is a plan for fundamental reform -- to wind down the GSEs, strengthen consumer protection and preserve access to ...
'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 ...
Federal Debt Tops $14 Trillion, U.S. Treasury Reports
By Carla Baranauckas - Politics DailyThe national debt has risen by $1 trillion since June, reaching a new high of more than $14 trillion, the U.S. Treasury reported on its website Monday. The new high was reached on Friday. To be precise, the amount of money the government owes is $14,025,215,218,708.52, according to the Treasury website. And that figure is growing ever closer to the debt limit of $14.294 trillion set by Congress. If Congress does not vote to raise the debt limit, the U.S. government could be in danger of shutting down or defaulting on its obligations. But passing an increase in the limit may be difficult, ...
Boffo GM IPO Highlights Secret of TARP's Success
By Joseph Schuman - AOL News
ANALYSIS (Nov. 19) -- The success of General Motors' return to the stock market caps the revival of a one-time bastion of American industry all but left for dead by investors just two years ago. But it is also the latest achievement to mark the quiet triumph of the multibillion-dollar government financial programs begun in the Bush administration, and continued by President Barack Obama, that economists credit with staving off a depression even though many Americans hate them. "Today one of the toughest tales of the recession took another big step towards becoming a success story," Obama ...
Panel Warns of Nightmare Scenarios for Housing Crisis
By Joseph Schuman - AOL News
(Nov. 16) -- The "robo-signing" scandal at the heart of the current foreclosure crisis may be just the tip of a legal iceberg that threatens to destabilize the American financial system just as the government is least equipped to support it. That's the judgment of the Congressional Oversight Panel, the watchdog agency created to keep an eye on the Troubled Asset Relief Program, or TARP. And it's the first official warning from anyone in the government that banks' problematic servicing of foreclosures could obscure and possibly evolve into troubles on a global scale. "At this point the ...
UK Government Introduces Hardline Austerity Plan
By Theunis Bates - AOL News
LONDON (Oct. 20) -- Britain's government today set out the harshest program of spending cuts since World War II, unveiling plans to slash welfare payouts and ax almost half a million public-sector jobs in an attempt to shrink the country's rising debt. "Today is the day when Britain steps back from the brink," George Osborne, the chancellor of the Exchequer -- the equivalent of the U.S. Treasury secretary -- told Parliament. "It is a hard road, but it leads to a better future." He added that to "back down now ... would be the road to economic ruin." Alastair Grant, Pool/Getty Images The ...
Fed Rescue Effort for Economy Would Carry Risks
By Joseph Schuman - AOL News
(Oct. 15) -- The straggling jobs market, foreclosure epidemic and rash of vulnerabilities across the American economy seem to call for a rescue effort from the Federal Reserve, but any such rescue bid would come with risks of its own. Fed Chairman Ben Bernanke today made the case for additional economic aid, arguing that high unemployment and low inflation could be treated by buying large amounts of Treasury securities. Such so-called quantitative easing is a way for the Fed to inject huge amounts of cash into the credit markets and push down long-term interest rates. Bernanke noted the ...
UK Cuts Endanger Special Relationship With US
By Theunis Bates - AOL News
LONDON (Oct. 15) -- Since the end of World War II, Britain has been America's most dependable ally, fighting alongside it in battle zones from Korea to Afghanistan. But leading U.S. officials are now questioning whether that special relationship can survive plans by the country's recession-hit government to brutally slash its military spending. The full extent of the cuts will be set out Tuesday, when British Defence Secretary Liam Fox unveils the conclusions of the four-month Strategic Defence and Security Review. When that review was launched in June, the newly elected Conservative ...
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