Union Calendar No. 602
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Draft 2008 FCIC Timeline Date & Time Fact Text Linked Issues CEO Richard Fuld orders executives to cut Lehman's debt, halving the company's holdings in commercial and Jan‐08 Lehman Brothers residential real estate and leveraged loans. Eric Felder, global co‐head of fixed income at Lehman Brothers, makes a presentation to CEO Richard Fuld and Jan‐08 the Lehman board warning that the investment bank is vulnerable to a liquidity crunch and damage from the Lehman Brothers, Excess Risk and Speculation collapsing subprime mortgage market. Alan Schwartz becomes the last CEO of Bear Stearns, succeeding Jimmy Cayne, after the company posted its 1/8/2008 Bear Stearns first quarterly loss in 83 years. OFHEO issues a revised Policy Guidance on the Examination of Mortgage Fraud Programs of Fannie Mae and GSEs, Fannie Mae, Freddie Mac, OFHEO, 1/10/2008 Freddie Mac, detailing the standards for overseeing and evaluating policies and programs the enterprises have Mortgage Fraud developed to minimize mortgage fraud. AIG Financial Products CEO Joseph Cassano emails Financial Services Division Senior Vice President Bill Dooley and Financial Services Division CFO Elias Habayeb, stating that the estimate of the unrealized loss on the super 1/10/2008 AIG senior credit default swap ("SSCDS") portfolio at the end of 12/07 ranged from $2.8 billion to $5.8 billion “depending upon the cash vs. synthetic basis percentage charge.” Bank of America announces it will acquire Countrywide, the largest U.S. mortgage lender, for $4 billion. 1/11/2008 Subprime Lending Countrywide is on the verge of bankruptcy. Citigroup announces a fourth‐quarter loss, largely due to $18 billion in additional write‐downs on mortgage‐ Subprime Lending, Securitization/GSEs, 1/15/2008 related investments. -
Articles with Major Mentions of Michael S. Barr January 20, 2009 – October 31, 2010
Articles with Major Mentions of Michael S. Barr January 20, 2009 – October 31, 2010 Cheyenne Hopkins, White House backs Itself into a Corner Letting CFPB Remain Leaderless, American Banker, August 27, 2010. WASHINGTON — Although President Obama made the creation of a Consumer Financial Protection Bureau a hallmark of the financial reform law enacted July 21, his delay in nominating the agency's first director could hamper its ability to get off the ground. With so much riding on the appointment, several observers had expected Obama to make his choice clear within days of the law's enactment. Instead, the absence of a pick has given rise to a grassroots campaign to appoint Elizabeth Warren to the job, which could create a political issue for the administration whether it ultimately chooses her or not. The Treasury Department, in the meantime, is tasked with getting the agency up and running, and observers said it is critical that a director be nominated and confirmed relatively soon. "There's a lot of operational work that can be done without a director being done, but some of the most profoundly difficult things comes down to having a leader," said Raj Date, the chairman and executive director of the Cambridge Winter Center for Financial Institutions Policy. "Leadership matters. If you are trying to have an agency that attracts the best and brightest for the sector, then you have to have a leader." Creating the consumer bureau was the first in a long list of tasks the agency must accomplish in its first year. Among other things, it must merge mortgage disclosure laws and outline a vision of its own authority. -
Cast of Characters and List of Acronymns PC and Mac Compatible Main Cast of Characters (In Alphabetical Order)
Bonus PDF: Cast of Characters and List of Acronymns PC and Mac compatible Main Cast of Characters (in Alphabetical Order) CONGRESS REP. SPENCER BACHUS (R-Alabama), ranking Republican on the House Committee on Financial Services SEN. MAX BAUCUS (D-Montana), chairman of the Senate Committee on Finance REP. ROY BLUNT (R-Missouri), House minority whip REP. JOHN BOEHNER (R-Ohio), House minority leader SEN. JIM BUNNING (R-Kentucky), member of the Senate Committee on Banking, Housing, and Urban Affairs SEN. HILLARY RODHAM CLINTON (D–New York) SEN. CHRISTOPHER DODD (D-Connecticut), chairman of the Senate Committee on Banking, Housing, and Urban Affairs REP. RAHM EMANUEL (D-Illinois), chairman of the House Democratic Caucus; later chosen as chief of staff by President-elect Barack Obama REP. BARNEY FRANK (D-Massachusetts), chairman of the House Committee on Financial Services 17613-OnTheBrink.indd vii 12/4/09 9:16:02 AM viii Main Cast of Characters SEN. LINDSEY GRAHAM (R–South Carolina), national campaign co-chairman for Sen. John McCain SEN. JUDD GREGG (R–New Hampshire), ranking Republican on the Senate Committee on the Budget SEN. MITCH MCCONNELL (R-Kentucky), Senate minority leader REP. NANCY PELOSI (D-California), Speaker of the House SEN. HARRY REID (D-Nevada), Senate majority leader SEN. CHARLES SCHUMER (D–New York), vice chairman of the Senate Democratic Conference SEN. RICHARD SHELBY (R-Alabama), ranking Republican on the Senate Committee on Banking, Housing, and Urban Affairs FINANCIAL LEADERS AND THEIR ADVISERS JOSEF ACKERMANN, chairman of the management board and CEO of Deutsche Bank HERBERT ALLISON, JR., chairman and CEO of TIAA-CREF; later president and CEO of Fannie Mae LLOYD BLANKFEIN, chairman and CEO of Goldman Sachs WARREN BUFFETT, chairman and CEO of Berkshire Hathaway H. -
Fannie Mae Eases Credit to Aid Mortgage Lending - New York Times Page 1 of 2
Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times Page 1 of 2 September 30, 1999 Fannie Mae Eases Credit To Aid Mortgage Lending By STEVEN A. HOLMES In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring. Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits. In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans. ''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer.