Posts Tagged ‘ mortgages ’

McCain, More Critical of Bailout Plan, Faults Oversight

Sep 23rd, 2008 | By David Harper | Category: Election 2008

Aides to Senator McCain, the Republican presidential nominee, said it was too soon to say whether he would oppose the plan being hashed out by the Bush administration and Congress, noting that the final details had yet to be presented. But Mr. McCain repeated his calls to add several provisions that the administration has opposed, including a guarantee that taxpayer money would not be used to enrich the executives of failing companies.



Bailout Plan Talks Advance in Congress

Sep 23rd, 2008 | By David Harper | Category: United States

While Congressional leaders in both chambers said they were confident that they could reach a quick deal, it was also clear that Bush administration officials would face rough questioning and that initial support for the bailout had begun to fray. Some Democrats said they simply did not trust the president. Conservative Republicans also expressed outrage, echoing scornful comments by Newt Gingrich, the former House speaker, and Lou Dobbs, the right-leaning CNN anchor.



Cash for Trash

Sep 22nd, 2008 | By David Harper | Category: Opinion

Some skeptics are calling Henry Paulson’s $700 billion rescue plan for the U.S. financial system “cash for trash.” Others are calling the proposed legislation the Authorization for Use of Financial Force. There’s justice in the gibes. While everyone agrees that something major must be done, Mr. Paulson is demanding extraordinary power for himself — and for his successor — to deploy taxpayers’ money on behalf of a plan that doesn’t make sense.



Loan Titans Paid McCain Adviser Nearly $2 Million

Sep 22nd, 2008 | By David Harper | Category: Election 2008

Incensed by Republican advertisements critical of Senator Barack Obama, several current and former executives came forward to discuss the role that Rick Davis, Senator John McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000.



Democrats Set Bailout Conditions as Treasury Chief Rallies Support

Sep 22nd, 2008 | By David Harper | Category: United States

“Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers’ interests,” House Speaker Nancy Pelosi said. She added that the administration’s proposal did “not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.”



$700 Billion Is Sought for Wall Street in Vast Bailout

Sep 21st, 2008 | By David Harper | Category: United States

The Bush administration’s proposal was stunning for its stark simplicity. It would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt.



Obama, McCain demand more from Wall St

Sep 21st, 2008 | By David Harper | Category: Election 2008

Propelled by discontent at Republican handling of the economy in light of the financial crisis, Senator Obama matched his record high of 50 percent in the latest Gallup daily tracking poll, against 44 percent for Senator McCain. Meanwhile, Mr. McCain tried to blame the turmoil on fraud at US mortgage giants Fannie Mae and Freddie Mac.