Gary Schenkel, Director of the Federal Protective Service (FPS), discusses how since taking over as director he has seen his department succeed in protecting Washington, D.C. despite a lack of sufficient government funding. (0:32)
The HOPENOW Alliance sponsored a conference call discussing the ways they have helped “distressed homeowners” keep their houses and start to bring about the end of the foreclosure crisis.
The call described the new agreement HOPENOW has implemented to help distressed families. This agreement will hopefully “streamline help”- making monetary assistance come faster to families in need. The new agreement will also hopefully alert more at risk homeowners before they find themselves in financial trouble.
Leaders of the Alliance emphasized the progress their program has had, and the steps they are making to improve their efforts. They said they are still trying to make borrowers more open to discussing financing options with the people loaning them money.
The House Committee on Financial Services Subcommittee on Domestic and International Monetary Policy, Trade, and Technology held a hearing entitled, “Proposed UIGEA Regulations: Burden without Benefit?” focused on debating the legislation prohibiting illegal online gambling. (more…)
Treasury Secretary Paulson says that more regulation is not the answer and cannot prevent market “disruptions,” but he suggests a more flexible approach will allow better protection of consumers and investors, and allow U.S. markets to continue to be competitive. (0:37)
Treasury Secretary Paulson says that the new Blueprint for Regulatory Reform are not reactions to current troubles and should not be implemented hastily, but instead reflect long-term concerns and should be thoughtfully implemented. (0:33)
Chairman of the Board of Governers of the U.S. Federal Reserve Ben Bernanke, discusses the Stimulus Package at House Financial Services Committee hearing on monetary policy and the state of the economy. (0:30)
Federal Reserve Chairman Ben Bernanke testified before members of Congress this afternoon at a House Financial Services Committee hearing regarding monetary policy and the state of the American economy.
The Committee questioned Bernanke about a wide variety of factors that account for the financial successes and failures of our nation. As one of the most important decision makers in US economic policy, Bernanke was most critically interrogated about the fast increasing rate of housing foreclosures facing homeowners unable to pay back “risky” loans they are unable to afford.
In response to such criticisms, Bernanke discussed the need for American consumers to better understand where the money they spend goes. Regarding housing foreclosures and credit debt problems, Bernanke explained the need for American’s purchasing goods and real estate to understand the interest rates they are committing themselves to, as well as the additional fees many purchases are accompanied by.
Also emphasized by Bernanke was his hope that the economic stimulus package recently signed by President Bush would remain temporary. Bernanke discussed his desire to construct a thriving economy, yet at the same time cautioned that the only way for such success to become permanent would be for the American people to learn how to successfully maintain one.
