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Investors are lending $29 billion to the government in the last Treasury auction this week.
The Treasury sold seven-year notes at a 1.97 percent yield, versus 1.89 percent in September’s auction. That means it was slightly more expensive for the government to borrow $29 billion from investors this month. Get the full story »
The cost for the huge government bailouts of housing finance giants Fannie Mae and Freddie Mac will grow — and possibly more than double to $363 billion — over the next three years.
But the taxpayer loss depends mainly on the health of the economy and the real estate market, a federal regulator said Thursday. Get the full story »
A string of Federal Reserve officials on Tuesday indicated the central bank will soon offer further monetary stimulus to the economy, with one saying $100 billion a month in bond buys may be appropriate. Get the full story »
From the Wall Street Journal | Congress’ delay in voting on 2011 income taxes could wind up taking a bigger bite out of worker’s paychecks if the Treasury doesn’t have enough time to figure out the tax-withholding tables.
American International Group is close to finalizing a plan for the U.S. government to sell its stake in the insurer and is hoping it will yield a profit for taxpayers who bailed out the company, Chairman Steve Miller said on Wednesday. Get the full story »
CME Group Inc. intends to broaden the base of traders for its core interest-rate product line, launching in October a futures market tapping into the mammoth supply of U.S. government debt sold at auction. Get the full story »
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
ShoreBank, which billed itself as the nation’s first and leading community development and environmental lender, failed Friday and was acquired by a consortium of big banks, insurers, philanthropic groups and civic-minded individuals.
ShoreBank is the 15th Illinois lender to fail this year, and the 114th to be seized by regulators nationally.
Its failure is expected to cost the Federal Deposit Insurance Corp. $367.7 million. The FDIC is funded by the banking industry. Get the full story »
The Treasury Department said Friday that the nation’s housing market “remains fragile” and reported that far fewer delinquent mortgage borrowers received loan modifications through a federal government program in July than they did in June. Get the full story »
U.S. Treasury Secretary Timothy Geithner on Monday promised not to swamp Wall Street with red tape and vowed to move quickly to put in place new rules for the financial marketplace to dispel uncertainty. Get the full story »
Only four of the eight largest mortgage servicers have committed to participate in a government-sponsored, yet voluntary, program designed to aid troubled homeowners with second mortgages, new data released Tuesday shows.
Of the four servicers participating in the second lien modification program — Bank of America, CitiMortgage, JPMorgan Chase and Wells Fargo Bank — only Bank of America and Chase were “operationally ready” and extending modification offers to consumers this spring, the Treasury Department said Tuesday. Get the full story »
Federal bank regulators have agreed to give the Federal Deposit Insurance Corp. unlimited authority to investigate banks, clarifying the agency’s power that was in question during the financial crisis.
The FDIC’s board on Monday approved the agreement between the insurance agency and regulators at the Federal Reserve and Treasury Department. It clearly spells out the FDIC’s authority to make special examinations of banks. It was approved 5-0. Get the full story »
A government program to bail out banks at the height of the financial crisis has so far turned a profit, according to a report by investment bank Keefe, Bruyette & Woods Inc. The Capital Purchase Program, part of the $700 billion Troubled Asset Relief Program, has generated an average return of 10 percent on the initial investment in 61 banks that have fully repaid the aid, said the report, issued on Wednesday. Get the full story »
