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Article: Back from the brink: federal regulators have been aggressive, persistent and determined to contain the financial crisis that erupted into a global liquidity freeze in September. A key goal is to bring about recovery in the housing sector to stop the bleeding at financial institutions and mitigate the economic fallout.(Economic Policy)(Federal Deposit Insurance Corp.)(Merrill Lynch & Company Inc. acquired Bank of America Corp.)
- Article from:
- Mortgage Banking
- Article date:
- January 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Last September, federal regulators faced their greatest challenge yet in finding solutions to the intensifying global financial crisis that began almost two years ago and virtually overnight ignited a financial panic. * Over the weekend of Sept. 13-14, regulators worked feverishly to rescue Wall Street giants Merrill Lynch & Co. and Lehman Brothers, both based in New York, to avoid Monday morning financial market fallout. They also searched for a way to rescue the world's largest insurance company, New York-based American International Group Inc. (AIG), which grappled with a severe cash crunch that was pushing it toward imminent bankruptcy. * When the dust had settled ...