Written by U.S. regulators fell short in using their powers “forcefully or effectively” to stop risky practices by banks and were “slow to identify and address abuses” in subprime mortgage lending before the financial crisis, Federal Reserve Chairman Ben S. Bernanke said in prepared remarks. READ MORE »
Posts tagged financial system
Bernanke Says Economy Recovering More Slowly Than Policy Makers Would Like
Federal Reserve Chairman Ben S. Bernanke said the U.S. economy is recovering at a slower pace than policy makers want even as the central bank’s more than $1 trillion in bond purchases have reduced interest rates. READ MORE »
Fannie Mae portfolio grows, delinquencies decline
Fannie Mae (FNMA.OB) expanded it mortgage portfolio in June, while the rate of late payments on loans it guarantees fell in May, the largest U.S. home loan purchaser said on Friday. READ MORE »
Financial reform bill another win for Obama, but will the public care?
Following the Recovery Act and health-care reform, the newly approved financial reform bill shows that President Obama is adept at getting his agenda through Congress. But the American public cares about one thing right now: the economy. READ MORE »
Seven more US banks collapse on day of Europe’s stress tests
Georgia’s Crescent Bank and Trust largest of seven to fail
Number of US failures now expected to exceed last year’s total
More than 100 banks in the US have now collapsed so far this year after another seven were taken over by regulators late on Friday – the same day that seven European banks failed a financial health check. READ MORE »