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Tag Archives: Bailouts

CEO Says Taxpayers Aren’t on the Hook Anymore

In a letter to shareholders, JPMorgan Chase CEO Jamie Dimon made the statement that the days of “too big to fail” are over and that taxpayers will no longer pay for a bailout should a major financial institution collapse. This is because of a stronger regulatory environment, more liquidity, and higher capital levels, Dimon said. He also covered tech, immigration issues, and other issues in his letter, and participated in a town hall event on Tuesday.

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Lawmakers Urge Fed to Rein in Bailout Powers

In a rare show of bipartisanship, Sens. Elizabeth Warren (D-Massachusetts) and David Vitter (R-Louisiana) joined four other senators and nine House members in a letter that warned against a weak proposed rule that signers said would fail to place "meaningful restrictions" on its ability to bail out financial institutions.

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FHA Commissioner to Step Down

Less than two years after being confirmed as the head of the Federal Housing Administration (FHA), Commissioner Carol Galante is making plans to step down from her post.

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Freddie Mac Reports Q4 Profit; Will Pay $10B to Treasury

Freddie Mac released on Thursday its quarterly earnings report for the end of 2013, revealing yet another strong quarter—the ninth straight. Net income at the enterprise totaled $8.6 billion in Q4, bringing total 2013 profits up to $48.7 billion. According to the company, full-year earnings were spurred by the ongoing housing recovery, legal settlements totaling $7.7 billion, and a tax benefit of $23.3 billion.

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Fannie Reports Q4 Profit, Makes Good on Bailout Funds

Posting a profit of $6.5 billion in the fourth quarter, Fannie Mae announced Friday it will pay the Treasury Department $7.2 billion in March, bringing its total dividend payments to the government to $121.1 billion—a full $5 billion more than what the enterprise drew following the financial crisis. Nevertheless, per Fannie's (and Freddie's) agreement with Treasury, the payments will continue.

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Report Shows $15B Growth in FHA’s Insurance Fund

More than a year after reporting a shortfall of $16.3 billion in the Federal Housing Administration's (FHA) Mutual Mortgage Insurance (MMI) Fund, HUD announced significant improvements in the agency's financial situation--though the fund remains in the red. An actuarial report released Friday shows FHA's insurance fund for single-family home loans has regained $15 billion dollars in value over the last year, bringing it to -$1.3 billion dollars and a capital ratio of -0.11 percent.

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Report: FHA to Seek Treasury Draw

Despite efforts to shore up its insurance fund, the Federal Housing Administration (FHA) is likely to seek a Treasury draw of nearly $1 billion to help cover losses from bad loans. "Sources familiar with the matter" told Reuters Wednesday the agency may need to take a bailout for the first time in its history. While no definitive numbers were given, the White House predicted in its budget earlier this year that FHA may need up to $943 million.

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