Hier ist das Ergebnis der Senat-Hearings von Hank GS Paulson (mTuL)

verfasst von DT, 21.09.2007, 09:21

-->Hank hat ja auch dafür gesorgt, daß seine alte Firma Goldman Sachs mal kurz zweistellig zugelegt hat während der Krise. Die Tips immer schon einen Tag vorher gegeben.

In meinem oberen Text sollte 600 Mio, nicht 600 Mrd stehen.

Hier der Link über die GSEs und das angehobene Limit:

Paulson signals fresh liquidity moves

By Eoin Callan in Washington

Published: September 20 2007 16:53 | Last updated: September 20 2007 19:59

The US on Thursday signalled fresh steps to improve liquidity in credit markets and guard against future shocks to the global financial system.

Hank Paulson, the US Treasury secretary, said government-backed mortgage lenders could play a role in improving credit conditions at the higher end of the US mortgage market.

Mr Paulson also said during testimony on Capitol Hill that the Bush administration had enlisted international assistance to review the safety and soundness of the international banking system following the crisis in credit markets.

The testimony suggests the administration and federal regulators are stepping up their efforts to ease the credit squeeze following criticism by Democrats over their handling of the subprime mortgage crisis.

Mr Paulson told Congress the Treasury was reviewing “financial institutions’ liquidity, market and credit risk practices, including treatment of complex credit products and conduits”.

A particular focus of the review was banks’ “exposures to off-balance sheet, contingent claims”, he said.

He added that the US had asked for input from the Financial Stability Forum, a global body of finance ministries, central banks and regulatory bodies created after the Asian financial crisis.

Banks’ exposure to distressed subprime mortgages through off-balance sheet entities has been a key source of uncertainty during recent market turmoil and helped undermine investor confidence.

Ben Bernanke, the US Federal Reserve chairman, told Congress: “The subprime mortgage losses that triggered uncertainty about structured products more generally have reverberated in broader financial markets, raising concern about the consequences for economic activity”.

He said: “The resulting global financial losses have far exceeded even the most pessimistic estimates of the credit losses on these loans.”

Mr Bernanke warned that delinquencies and foreclosures in the subprime mortgage market were likely to rise further as the housing downturn evolves.

But he added: “On the positive side of the ledger, past efforts to strengthen capital positions and financial market infrastructure places the global financial system in a relatively strong position to work through this process”.

Both the Fed chairman and Treasury secretary indicated qualified support for the Democrats’ plans to increase the $417,000 cap on the value of government-backed mortgages to improve credit conditions in the ‘jumbo loan’ market.

Mr Paulson said entry into this sector would improve liquidity but cautioned that it would increase financial risks for Freddie Mac and Fannie Mae, the government-sponsored entities, and could harm longer-term market discipline.

Senator Charles Schumer told the Financial Times that pressure from Democrats was “finally starting to stir the administration from its slumber. We seem to be getting through”.

David Rosenberg, an economist at Merrill Lynch, said raising the so-called conforming loan limit “would reduce the burden on borrowers, particularly those in states with high real estate values such as New York, Florida and California, and help inject some liquidity in the secondary mortgage market”.

The gap between interest rates on jumbo loans and normal conforming mortgages has increased five-fold in recent months, as risk aversion has pushed borrowing rates up.

Economists fear this trend could impair demand for higher-value homes and worsen the downturn in the US housing market.

The Treasury secretary urged the US Senate to pass a bill that strengthens the regulator of Freddie Mac and Fannie Mae, the Office of Federal Housing Enterprise Oversight.

“It would be unreasonable and irresponsible to expand the GSEs’ business with-out addressing the fundamental problems of their regulatory structure,” Mr Paulson said.

Copyright The Financial Times Limited 2007

Quelle:
http://www.ft.com/cms/s/0/60891da2-6789-11dc-9443-0000779fd2ac.html

Gruß!

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gesamter Thread:

• Anschnallen, der nächste Abgrund wartet (mT) - DT, 21.09.2007, 08:37
  • Hier ist das Ergebnis der Senat-Hearings von Hank GS Paulson (mTuL) - DT, 21.09.2007, 09:21
    • kurze Übersetzung - RoBa, 21.09.2007, 09:34
  • Jau, den Chart könntest Du öfters reinstellen. Danke für die Info. (o.Text) - TESLA, 21.09.2007, 10:23