Obama unveils plan to take over up to $1 trillion in mortgage securities
The Obama administration launches a coordinated move with the Treasury, Fed, and FDIC to acquire up to $1 trillion in mortgage related securities with private investors to purge toxic assets from banks. The plan seeks to value damaged loans and share gains or losses between taxpayers and investors, mobilizing $75 billion to $100 billion from TARP and aiming for $500 billion in leveraged funding.
MENTIONED IN THIS ARTICLE
Washington
Obama
Wall Street
Barack Obama
Treasury Department
Federal Reserve
Federal Deposit Insurance Corp
Geithner
Treasury
Dow
FDIC
Fed
Steven Persky
Los Angeles
Persky
Geithner plan aims to attract buyers for toxic assets
Banks face a challenge pricing mortgage related securities to unlock lending. The Geithner program seeks to entice investors to purchase up to a half trillion dollars of bad assets with possible expansion to a trillion, amid investor demand for assurances against future penalties and high public backlash over bailouts.
MENTIONED IN THIS ARTICLE
Wall Street
Congress
Treasury
Timothy Geithner
February home sales rise as prices fall in tough market
The National Association of Realtors reported existing home sales up 5.1 percent in February to a 4.72 million annual pace, while prices dropped about 16 percent from a year earlier. Foreclosures and distressed properties are drawing buyers, but foreclosures keep many homes off the market and job losses deter buyers.
MENTIONED IN THIS ARTICLE
Washington
National Association of Realtors
Gasoline prices dip after two weeks of holding steady
The Lundberg Survey reports a one cent drop in U S regular gasoline to 1.95 a gallon over the past two weeks, the first decline this year. Los Angeles area average reached 2.11, Cheyenne Wyoming posted 1.67, while Honolulu marked 2.36 a gallon.
MENTIONED IN THIS ARTICLE
Camarillo
Calif
Lundberg
Trilby Lundberg
U.S
Cheyenne
Wyo
Honolulu
Los Angeles
Big Egg Restaurant Offers 1-Cent Breakfast Deal
Cleveland eatery Big Egg brings back its West Side icon with a 1-cent breakfast for two eggs hash browns and toast when a regular drink is purchased. Co-owners Jimmy and Ahmad Lababidi note the promo runs 6 am to 8 am through Thursday to aid workers affected by layoffs.
MENTIONED IN THIS ARTICLE
Cleveland
Jimmy Lababidi
Ahmad
Recession hits harder among blacks Latinos
The recession has hit blacks and Latinos harder than whites with higher unemployment and fewer financial buffers. Latinos and blacks face greater job losses as workers in construction and service sectors shrink, and professionals face stiffer downsizing despite earlier gains.
MENTIONED IN THIS ARTICLE
Tatiana Gallego
Gallego
Bureau of Labor Statistics
William Darity
Duke University
Darity
Jerry Medley
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the Market IN Review
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