“The benchmark 30-year fixed-rate mortgage fell 20 basis points, to 5.64 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 6.14 percent; four weeks ago, it was 5.92 percent. The benchmark 15-year fixed-rate mortgage fell 30 basis points, to 5.16 percent. The benchmark 5/1 adjustable-rate mortgage fell 9 basis points, to 5.86 percent.”
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Daily Archives: January 2, 2009
Treasury Releases Emergency Economic Stabilization Report
News release: “Treasury today released the attached report [Report to Congress Pursuant to Section 102 of the Emergency Economic Stabilization Act 12/31/2008], required by section 102 of the Emergency Economic Stabilization Act. As required by section 102(a), Treasury established the Asset Guarantee Program to provide guarantees for assets held by systemically significant financial institutions that… Continue Reading
Treasury Releases Guidelines for Targeted Investment Program
News release: “Treasury today released the program description for the Targeted Investment Program under which the Citigroup investment that was announced on Nov. 23 was made. This program description is required by Section 101(d) of the Emergency Economic Stabilization Act. Other EESA program descriptions are posted at: http://www.treasury.gov/initiatives/eesa/program-descriptions/.” Related postings on financial system Continue Reading
FDIC Board Approves Letter of Intent to Sell IndyMac Federal
News release: “On Wednesday December 31, 2008 the Federal Deposit Insurance Corporation (FDIC) signed a letter of intent to sell the banking operations of IndyMac Federal Bank, FSB, Pasadena, California, to a thrift holding company controlled by IMB Management Holdings LP, a limited partnership. The FDIC’s Board of Directors approved the agreement to sell IndyMac… Continue Reading
California AG Sues to Overturn Bush Administration Rules Undermining Endangered Species Act
News release: “California Attorney General Edmund G. Brown Jr. has filed suit in federal court to block an audacious attempt by the Bush Administration to gut provisions in the Endangered Species Act mandating scientific review of federal agency decisions that may threaten endangered species and their habitat…The new regulations, initially proposed by the Departments of… Continue Reading
Calculating the Acutal Cost of the Financial Bailout
Several sources are reporting the current price tag for the bailout of the financial system. According to the Washington Post’s Binyamin Appelbaum, “…the Treasury Department has now spent or committed more money than Congress has allocated to its financial rescue program, effectively making more promises than it can afford to keep. The scorecard: Congress gave… Continue Reading
