| 作者 |
 Treasury Lays Out Fan-Fred Plan 出台了。一言难尽啊！！ |
 |
ceo/cfo
[博客]
[个人文集]
头衔: 海归中将
声望: 院士
性别: 
加入时间: 2004/11/05
文章: 12941
海归分: 491633
|
|
|
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By MICHAEL R. CRITTENDEN
DOW JONES NEWSWIRES
September 7, 2008 11:14 a.m.
WASHINGTON -- U.S. federal regulators outlined their bailout for Fannie Mae and Freddie Mac Sunday morning, including a takeover of the firms by their regulator and a Treasury Department purchase of the firms' senior preferred stock.
The plan, outlined jointly by the Treasury Department and Federal Housing Finance Agency, also includes a plan for the Treasury to purchase mortgage-backed securities from the firms in the open market, and a lending facility through the Treasury from its general fund held at the Federal Reserve Bank of New York.
The FHFA, which regulates the two government-sponsored enterprises, will act as conservator of the two firms, taking control of the companies' day-to-day operations. The agency said in a release that there is "no exact time frame" for when the conservatorship may end, and that the powers of the firms' stockholders will be suspended until the conservatorship is terminated.
As conservator, the agency said it would be able to take "all actions necessary and appropriate to (1) put the company in a sound and solvent condition and (2) carry on the company's business and preserve and conserve the assets and property of the company."
The takeover also includes the departure of Fannie Chief Executive Daniel Mudd and Freddie Chairman and Chief Executive Richard Syron. The FHFA said TIAA-CREF Chairman Herb Allison will take over as CEO of Fannie, while US Bancorp CEFO David Moffett will be CEO at Freddie. Messrs. Mudd and Syron have consented to stay on and help with the transition.
The Treasury said its senior preferred stock purchase agreement includes and upfront $1 billion issuance of senior preferred stock with a 10% coupon from each GSE, quarterly dividend payments, warrants representing an ownership stake of 79.9% in each firm going forward, and a quarterly fee starting in 2010.
The two firms own or guarantee more than $5 trillion of U.S. home loans, about half the total outstanding loans in the country.
The move was made as the companies continue to suffer from the ongoing collapse of the U.S. housing market. The firms have run up combined losses of around $14 billion over the past four quarters and face heavy additional losses as foreclosures are expected to continue to set records.
The longer-run future of the companies will be up to Congress, which created both of them to support the housing market, as well as the next administration.
Treasury Secretary Henry Paulson briefed Sen. Barack Obama, the Democratic presidential nominee, on Friday and spoke on Saturday with Sen. John McCain, the Republican nominee.
In a statement Saturday, Sen. Obama called the situation "extremely serious" and said it affects "our entire economy." He added: "Any action we take must be focused not on the whims of lobbyists and special interests worried about their bonuses and hourly fees, but on whether it will strengthen our economy and help struggling homeowners."
Sen. Obama said the rescue also "must protect taxpayers, not bail out the shareholders and management of Fannie Mae and Freddie Mac."
Alaska Governor Sarah Palin, the Republican nominee for vice president, said during a rally Saturday afternoon in Colorado Springs, Colo., that Fannie and Freddie have "gotten too big and too expensive to the taxpayers." She added: "A McCain-Palin administration will make them smaller and smarter and more effective for homeowners who need help."
The plan will also likely face immediate scrutiny from Congress as it returns from a lengthy recess next week.
House Financial Services Committee Chairman Barney Frank (D., Mass.) said he was "pleased" after a conversation he had late Friday with Mr. Paulson about Treasury's "strong reaffirmation that the vital roles these institutions play in our nation's housing markets must continue."
Mr. Frank said he would evaluate any plan by how it protects taxpayers, restores stability to financial markets and ensures the availability of affordable housing.
Speaker of the House Nancy Pelosi (D., Calif.) said she would work "in a bipartisan manner" with Mr. Paulson, other Bush administration officials and congressional leaders to review the plan "to ensure that the interests of taxpayers and the broader economy are protected."
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
|
|
|
| 返回顶端 |
|
 |
|
-
 Treasury Lays Out Fan-Fred Plan 出台了。一言难尽啊！！ -- ceo/cfo - (4520 Byte) 2008-9-07 周日, 23:46 (1024 reads)
|
|
|
|
您不能在本论坛发表新主题, 不能回复主题, 不能编辑自己的文章, 不能删除自己的文章, 不能发表投票, 您 不可以 发表活动帖子在本论坛, 不能添加附件不能下载文件, |
|
|
