Items Tagged with 'Nancy Pelosi'

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  • Waters and 61 legislators demand Congress keeps NFIP active

    Reps. Beto O’Rourke, Eleanor Norton and Gregory Meeks back Waters
    Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., and 61 members of Congress are demanding a long-term reauthorization of the National Flood Insurance Program. Waters, a prominent critic of H.R. 2874, believes American families are not financially prepared for the growing threat of natural disasters.
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  • House Bill Calls for Consumer Financial Protection Agency

    Rep. Barney Frank, D-Mass., on Wednesday introduced HR 3126, a House bill that would enact President Obama’s plan to create the Consumer Financial Protection Agency (CFPA). Proponents said in establishing the CFPA, HR 3126 -- The Consumer Financial Protection Agency Act of 2009 -- strengthens protection for consumers who purchase financial products like mortgages, credit cards and other loans from banks and non-bank financial institutions.
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  • House OKs Mortgage Reform

    The House of Representatives today voted 300-114 in favor of HR 1728, the Mortgage Reform and Anti-Predatory Lending Act, which calls for tighter lending rules to promote affordable mortgages for borrowers with a reasonable ability to pay and who receive more transparent disclosures at the time of closing.
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  • AIG CEO Asks Execs to Return Half of Bonuses

    After news that Insurance giant American International Group Inc. [stock AIG][/stock] will be ordered to return to the Treasury Department $165 million -- the amount it just payed out in executive bonuses -- AIG CEO asked Wednesday afternoon for some of the recipients of those bonuses to return half the money. The company is under intense fire for awarding the bonuses while being kept afloat by more than $170 billion in bailout funds.
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  • Bush, Obama Unite for TARP Funds; Regulators Divide Over Conditions

    President-elect Barack Obama on Monday asked President George W. Bush for his assistance in requesting the release of the second half of the $700 billion granted to the Troubled Asset Relief Program. President Bush has called for Congress to release the next $350 billion, according to a report Tuesday by the Wall Street Journal.
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  • Automakers' Bailout Depletes First Leg of TARP, Paulson Wants More

    Christmas came early this year to two failing automakers, who on Friday learned they have received the assistance they've so long asked for. Treasury Department secretary Henry Paulson will step into the ongoing fight relief with an announcement Friday he will use $13.4 billion in funds from the Troubled Asset Relief Program to bail out the failing automakers. General Motors Corp. is now set to receive $9.4 billion, while Chrysler Holding LLC will get $4 billion.
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  • On the Housing Crisis: Time to Stop the Bleeding, Bair Says

    Enough is enough, suggested Federal Deposit Insurance Corp. chairman Sheila Bair before an audience at the New America Foundation conference. "[W]e're still very much behind the curve," in modifying loans to prevent foreclosures, she said.  "We need a fast-track, nationwide effort." Critics say we can end the housing crisis without modifying troubled mortgages -- call that a "myth," Bair said.  "Unnecessary foreclosures are a very serious threat to a housing recovery."
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  • Pelosi: No Further TARP Funding Without Homeowner Help

    House Speaker Nancy Pelosi (D-CA) said on Tuesday that any effort by Bush administration officials to access further funding via the U.S. Treasury's Troubled Asset Relief Program must come with a plan to help troubled homeowners stay in their home, the latest salve to be fired in a growing battle over government's role in attempting to fix the nation's growing number of bad mortgages.
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  • GAO on TARP: Critical Gaps Need Mending

    The first outside assessment into the Treasury's Troubled Asset Relief Program since its introduction a few months back revealed a far less-than-perfect report card, according to the U.S. Government Accountability Office. In a report released Tuesday, the GAO said additional actions "are "needed to better ensure integrity, accountability, and transparency" relative to TARP spending activity.
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  • House Rejects Bailout Bill; Stocks Tank

    A weekend spent wrangling over the details of a historic financial bailout led to an unexpected rejection of a bi-partisan proposal in a key vote by the House of Representatives on Monday; House members voted against a proposed bailout package by a 228-205 vote, sending U.S. stock markets into one of the worst one-day tumbles in modern history.
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