Treasury Plan to Deal With Toxic Assets Banks on Private Cash
Treasury Plan to Deal With Toxic Assets Banks on Private Cash
Wall Street Journal
Noting that the U.S. financial system "is still working against economic recovery," the Treasury Department Monday revealed details of its plan to address toxic assets weighing on banks' balance sheets.
My Plan for Bad Bank Assets
Wall Street Journal
The American economy and much of the world now face extraordinary challenges, and confronting these challenges will continue to require extraordinary actions. No crisis like this has a simple or single cause, but as a nation we borrowed too much and let our financial system take on irresponsible levels of risk. Those decisions have caused enormous suffering, and much of the damage has fallen on ordinary Americans and small-business owners who were careful and responsible. This is fundamentally unfair, and Americans are justifiably angry and frustrated.
Existing-Home Sales Rebound, but Prices Plunge
Wall Street Journal
Existing-home sales rebounded in February, climbing above expectations, but prices plunged again. Home resales climbed to a 4.72 million annual rate, a 5.1% increase from January's unrevised 4.49 million annual pace, the National Association of Realtors said Monday.
Local Realty Executive to Direct FHA
Washington Post
David H. Stevens, president of Long & Foster, the Washington real estate firm, is expected to be selected today to run the Federal Housing Administration.
Stevens, 52, became president and chief operating officer of Long & Foster in October. The company, which recently moved to Chantilly from Fairfax, is the nation's largest privately owned real estate firm.
The Decade for Global Banks
Financial Times
Global banking is in turmoil. The worst financial crisis since the second world war has not only forced governments across the western world to step in and rescue giant institutions. Amid the turmoil, there has also been a dramatic shift in banking’s centre of gravity. A decade ago, a list of the world’s largest financial institutions was dominated by banks from the US and UK. Today, just a handful of the top 20 have their headquarters in the US, still the world’s largest economy.