By: Erika Gudmundson
Sunday, May 20, 2012
Today, Assistant Secretary for Financial Stability Timothy G. Massad submitted the following letter to the editor in response to a column in today's New York Times about the government’s response to the financial crisis.
Posted in: Financial Stability
By: Neal S. Wolin
Friday, May 18, 2012
At this weekend's G-8 Summit at Camp David, President Obama and his counterparts will discuss an important global initiative to promote food security in Africa. Helping poor countries improve agricultural productivity and boost the incomes of smallholder farmers is a priority for the United States and many of our partners in the international community. The Global Agriculture and Food Security Program (GAFSP) is one of the most effective ways the United States is supporting the effort to end hunger and poverty. Last week, during a visit to a rice cooperative in the small, West African nation of Togo, I had the opportunity to see first-hand the tremendous impact this U.S.-led, multilateral initiative is having on the lives of some of the world's poorest farmers.
Posted in: Category 1
By: Jenni LeCompte
Thursday, May 17, 2012
Today, Secretary Geithner visited Baltimore’s own Marlin Steel Wire Products, a manufacturer of wire baskets and sheet metal – and also a small business. During his trip, the Secretary discussed how the President’s policies have supported small businesses and called on Congress to enact proposals that would help small business owners create more jobs. Marlin Steel is a powerful example of how small employers and manufacturers can be important engines of private sector growth.
Posted in: Small Business, Tax Policy
By: Timothy G. Massad
Monday, May 14, 2012
The Board of Directors of Residential Capital, LLC (ResCap) announced that it has filed to enter into a Chapter 11 reorganization process. While it is unfortunate that a Chapter 11 filing became necessary for ResCap, we believe that this action puts taxpayers in a stronger position to continue recovering their investment in Ally Financial. To understand why that is the case, it is important to start with a few key facts.
Posted in: Financial Stability
By: Jenni LeCompte
Friday, May 11, 2012
Today, millions of Americans who are current on their mortgage payments cannot refinance at historically-low interest rates. The President is proposing legislation that would allow more homeowners to refinance. Under the President’s plan, they would have two refinancing options.
Posted in: Housing
By: Louisa Quittman
Thursday, May 10, 2012
As the country continues to recover from the worst economic crisis in generations, one of the most important questions Americans face is how to manage and maximize their personal finances. To be good financial stewards, we must all have a solid understanding of how personal finance works, an ability to access safe financial products for short-term needs and long-term goals, and knowledge of where to turn if financial decisions are too complex.
Posted in: Financial Education and Financial Access
By: Tim Massad and Holly Petraeus
Wednesday, May 09, 2012
Our military families make many sacrifices for our nation, and not just when a servicemember goes into combat. Military families also face challenges when a servicemember receives orders for a Permanent Change of Station (PCS) move to another base, and the family has to decide whether to go along or live apart. Unfortunately, for many military families, this challenge has become more difficult in the wake of the housing market downturn. This is because like other Americans, many military homeowners are currently underwater on their mortgage. Because their home’s value has decreased since they purchased it, these servicemembers may not be able to sell their home at a price that will pay off their mortgage, and they may not be able to rent out their home at a price that will cover their monthly mortgage payments. These military homeowners also may get a lower housing allowance at their new duty station, and may face additional loss of income while their spouse looks for a new job. Suddenly, military homeowners who have been faithfully paying their mortgage on time face a real risk of falling behind.
Posted in: Making Home Affordable
By: Jenni LeCompte
Tuesday, May 08, 2012
During today’s trip to Albany, New York, President Obama highlighted an important and emerging trend – rather than outsourcing, companies are increasingly choosing to invest and create jobs in the United States.
Posted in: Manufacturing
By: Natalie Wyeth
Friday, May 04, 2012
This morning, the Bureau of Labor Statistics released data on the employment situation in April.
While we continue to make progress, we are fully aware of the challenges that far too many Americans continue to face. We need to do more, which is why the President has laid out his blueprint for an American economy that is built to last and will continue to urge Congress to do more to help grow the economy and create jobs.
Posted in: Category 1
By: Tim Massad
Thursday, May 03, 2012
Just a few weeks ago, Regions Financial repaid the $3.5 billion it received through the Troubled Asset Relief Program at the height of the 2008 financial crisis.
Posted in: Financial Stability, CPP
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