Articles Tagged with ''Presidency of Barack Obama''

BlackRock Gets Second Interview

The US Treasury Department authorized BlackRock's [stock BLK][/stock] second interview for one of five asset manager positions in the Public-Private Investment Program (PPIP), which aims to attract private capital in the hopes of clearing bad assets from banks and encouraging lending. BlackRock, which manages $132bn in mortgage-related assets, plans to raise as much as $7bn to invest in the program, unnamed sources told the Wall Street Journal.
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Fund Managers Jostle for Toxic Assets

Fund managers submitted more than 100 applications to the Treasury Department to participate in the so-called 'legacy securities' side of the Public-Private Investment Program (PPIP), which aims to attract private capital in the hopes of encouraging lending. A separate government plan in the works, however, might attract investors previously turned off by the shared equity stake inherent in the PPIP.
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PPIP Grand Re-Opening to 'Increase Participation'

The U.S. Treasury Department on Monday released updated guidelines on the public-private investment plan (PPIP), two weeks after first announcing the program in late March. "To better accommodate increased participation," the Treasury said it had extended the application deadline to end-of-day April 24, with applicants being informed of preliminary qualification by May 15. The Treasury assured that the criteria will be viewed "holistically," meaning a proposal will not be thrown out if it doesn't meet all the criteria of the program.
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Bridgewater: We Won't Play in the PPIP

The world's largest hedge fund manager, Bridgewater Associates, apparently won't participate in the Treasury's much-ballyhooed public-private investment program designed to clear "legacy" securities and loans off of troubled banks' balance sheets. The $71 billion money-management firm reversed course Thursday, after earlier indicating it had planned to participate, according to a report in the New York Post.
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Geithner Sees Latest Treasury Nominee Withdraw

Facing growing criticism that thin senior ranks at the U.S. Treasury are hurting the department's ability to manage a growing financial crisis, the latest nominee for deputy Treasury secretary withdrew his name from consideration for the post according to a report Friday morning in the Washington Post.
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Expanded First-Time Homebuyer Credit Available

The Treasury Department on Wednesday announced the availability of an expanded tax credit for first-time home buyers as part of the Obama Administration's affordability initiatives. The financial stimulus package -- the American Recovery and Reinvestment Act of 2009 -- includes a provision that will make up to $8,000 available to qualifying taxpayers that buy homes in 2009.
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Obama: Bank Plan Needs 'Significant Resources'

In an address to the joint session of Congress late Tuesday, President Barack Obama said his combined stimulus, bank and housing plans, together with the energy, health care and education reforms he will propose in his 2010 budget, will increase employment, stimulate lending and get the U.S. economy out of recession.
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Stimulus Becomes Law

President Barack Obama on Tuesday signed into law the American Recovery and Reinvestment Act in Denver, Colo. "What I am signing is a balanced plan with a mix of tax cuts and investments," he said in his pre-signing remarks. "It is a plan that’s been put together without earmarks or the usual pork barrel spending. And it is a plan that will be implemented with an unprecedented level of transparency and accountability."
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Geithner Rallies G7 Support of Rescue Plan, Wall Street Upset

Treasury Secretary Timothy Geithner on Friday attended the G7 Finance Minsters and Central Bank Governors meeting in Rome, where he assured the group of leaders the United States is moving swiftly to revive the economy by way of its $787 billion economic stimulus package and bank stabilization plan -- the details of which are expected to be presented soon. Geithner urged other countries to take bold actions as well.
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OTS Chairman Steps Down

John Reich, Director of the Office of Thrift Supervision, on Thursday announced his resignation from the agency. Reich and Obama administration officials may have been at odds over whether the government should take part in mortgage workouts to help troubled homeowners, according to a Market Watch report.
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