U.S. regulators fell short in using their powers “forcefully or effectively” to stop risky practices by banks and were “slow to identify and address abuses” in subprime mortgage lending before the financial crisis, Federal Reserve Chairman Ben S. Bernanke said in prepared remarks.
In testimony delivered Thursday before a Congressionally appointed committee investigating the financial crisis, [...]
Posts Tagged ‘financial system’
Bernanke: U.S. regulators fell short before financial crisis
September 2nd, 2010 by HardMoney Writer
Tags: financial crisis, financial system, investment, money, subprime mortgage, taxpayers
more...Gold Advances Most in Two Weeks on Haven Demand Amid Global Equity Slump
August 31st, 2010 by HardMoney Writer
Gold futures rose the most in two weeks as slumping global equity markets boosted the appeal of bullion for investors seeking a haven.
The MSCI World Index of stocks has dropped 4.4 percent in August, heading for the biggest monthly decline since May, on concern that the economic rebound is slowing. Before today, gold gained 13 [...]
Tags: financial, Financial Markets, financial system, global recovery, Gold & Precious Metals, interest rates, stock market
Treasuries Rise, 10-Year Yield Drops to 19-Month Low on Signs of Slowdown
August 25th, 2010 by HardMoney Writer
Treasuries gained, pushing the yield on the 10-year note to the lowest level in 19 months, as new home sales unexpectedly dropped in July to a record low and orders for durable goods rose less than economists forecast.
Yields on 5-year notes dropped to the lowest level since December 2008 before the government’s $36 billion auction [...]
Tags: commerce department, economic recovery, economists, financial system, home sales, housing market, US Economy
Fannie Mae portfolio grows, delinquencies decline
July 30th, 2010 by HardMoney Writer
Fannie Mae (FNMA.OB) expanded it mortgage portfolio in June, while the rate of late payments on loans it guarantees fell in May, the largest U.S. home loan purchaser said on Friday.
The serious delinquency rate has improved as Fannie Mae repurchases these severely troubled loans in bulk from its securities trusts, aiming to ease the drain [...]
Tags: business investment, economic growth, Fannie Mae, financial system, Hard Money Loans, home loans, mortgage lenders, mortgages, payments, real estate
Seven more US banks collapse on day of Europe’s stress tests
July 24th, 2010 by HardMoney Writer
Georgia’s Crescent Bank and Trust largest of seven to fail
Number of US failures now expected to exceed last year’s total
More than 100 banks in the US have now collapsed so far this year after another seven were taken over by regulators late on Friday – the same day that seven European banks failed a financial [...]
Tags: debt crisis, European Central Bank, European economy, financial market, financial system, investors, mortgages, us bank central
Financial reform bill another win for Obama, but will the public care?
July 16th, 2010 by HardMoney Writer
Following the Recovery Act and health-care reform, the newly approved financial reform bill shows that President Obama is adept at getting his agenda through Congress. But the American public cares about one thing right now: the economy.
Passage of financial regulatory reform signals another landmark legislative victory for President Obama, following the Recovery Act and health-care [...]
Tags: credit markets, economy, Fannie Mae, financial reform, financial regulator, financial system, Freddie Mac, loans, mortgages, obama, taxpayers, U.S. consumer, wall street
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