Keeping Track of
the Financial Crisis
James Bullard speaks on the origins of the financial crisis:
| » | "What Challenges Do We Face for Regulatory Reform?" June 15, 2009. Video | Transcript |
| » | "Did the Fed Leave Interest Rates Too Low for Too Long?" June 11, 2009. Video | Transcript |
| » | "What Happened?" June 9, 2009. Video | Transcript |
Federal Reserve and Government Agency Links
| » | Federal Reserve Board: Credit and Liquidity Programs |
| » | St. Louis Fed: Foreclosure Resource Center |
| » | New York Fed: Forms of Federal Reserve Lending to Financial Institutions |
| » | FDIC Failed Bank List |
Frequently Asked Questions about the Financial Crisis
The financial crisis has interfered with the Fed's ability to operate a conventional monetary policy. Lender-of-last-resort measures have been a primary focus. The FOMC has reduced its target for t...
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Monetary policy remains potent. Even with the fed funds rate at zero, the Fed can continue to influence financial markets and the economy through open market operations and various lending programs...
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Recent News
Fannie Mae reports a net loss of $18.9 billion in the third quarter of 2009, compared with a loss of $14.8 billion in the second quarter of 2009. The loss resulted in a net worth deficit of $15.0 billion as of September 30,2009. The Acting Director of the Federal Housing Finance Agency submitted a request for $15.0 billion from the U.S. Treasury to cover the deficit. Fannie Mae has lost a total of $111 billion since September, 2008, when the firm was placed under government conservatorship.
CIT Group, Inc., files for bankruptcy protection under Chapter 11 of the bankruptcy code. The U.S. Government purchased $2.3 billion of CIT preferred stock in December 2008 under the Troubled Asset Relief Program (TARP). The firm's prepackaged bankruptcy is expected to wipe out the equity stakes of CIT's current shareholders, including the U.S. Government.
The Special Master for TARP Executive Compensation releases determinations on the compensation packages for the top 25 most highly paid executives at the seven firms that received exceptional TARP assistance (AIG, Citigroup, Bank of America, Chrysler, Chrysler Financial, GM, and GMAC).