Will Reform of Fannie and Freddie Kill the 30-Year Mortgage?
The sequester is all anybody wants to talk about. I get it: It’s the hip new crisis sweeping Washington. But remember Fannie Mae and Freddie Mac? You know, the once quasi-independent housing giants whose takeover by the federal government has cost taxpayers upwards of $190 billion thus far? Well, Fannie and Freddie are still owned by the federal government and, on top of that, are the only thing holding the U.S.’ badly battered housing-finance system together, as the Feds back 9 out of 10 mortgages issued today. But Congress and the President have been so bogged down in their never-ending budget battles that we’ve heard little from Washington on this subject in recent months. Until last week, that is, when the Bipartisan Policy Center — a think tank formed by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole, and George Mitchell — tried to bring this very important issue back to the fore by releasing a 131-page report on the future of housing policy in America. ...
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Should Credit Unions Have to Pay Income Tax?
The American Bankers Association, the lobbying group that represents America’s banking industry, has recently launched an ad campaign across Washington D.C. aimed directly at the nation’s credit unions. The print version of the campaign is to the point, reading simply: “Today credit unions are a $1 trillion industry that pays no income tax. That’s nearly $2 BILLION every year that could help shrink the federal deficit. Now, credit unions want even more perks. It’s time to end credit unions’ indefensible and outdated special treatment. Enough is enough.” I think it’s worth noting the irony in such a campaign, given that the for-profit banking sector has recently benefitted from unprecedented amounts of government support. Then again, it shouldn’t come as a surprise to find lobbying groups seeking advantages for its members — it’s kind of their job. (Also it should be remembered that the ABA represents banks of every type and size, not just those that have benefitted ...
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Mergers and Acquisitions Boom! Is This a Good Sign for the Economy?
Wall Street dealmakers are off to a busy start to 2013, as some of corporate America’s most recognizable names have become involved in multi-billion-dollar mergers and acquisitions. Just yesterday, American Airlines and US Airways announced they would be merging in an $11 billion deal, while private equity firm 3G and Warren Buffett‘s Berkshire Hathaway announced a $28 billion joint acquisition of food conglomerate H.G. Heinz. And these two deals follow hard upon $24.4 billion leveraged buyout of Dell by private equity firm Silver Lake Partners and the firm’s founder, Michael Dell. Indeed, according to data from Deallogic, U.S. companies have spent $219 billion on mergers and acquisitions so far in 2013, a sharp increase from 2012, when firms spent just $85 billion during the same period. And U.S. firms are on pace to have the biggest year in M&A activity since 2000. While all this activity will be surely benefit shareholders of acquired firms — as well as lots of Wall ...
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