By: Timothy G. Massad
Monday, May 14, 2012
The Board of Directors of Residential Capital, LLC (ResCap) announced that it has filed to enter into a Chapter 11 reorganization process. While it is unfortunate that a Chapter 11 filing became necessary for ResCap, we believe that this action puts taxpayers in a stronger position to continue recovering their investment in Ally Financial. To understand why that is the case, it is important to start with a few key facts.
Posted in: Financial Stability
By: Jenni LeCompte
Friday, May 11, 2012
Today, millions of Americans who are current on their mortgage payments cannot refinance at historically-low interest rates. The President is proposing legislation that would allow more homeowners to refinance. Under the President’s plan, they would have two refinancing options.
Posted in: Housing
By: Louisa Quittman
Thursday, May 10, 2012
As the country continues to recover from the worst economic crisis in generations, one of the most important questions Americans face is how to manage and maximize their personal finances. To be good financial stewards, we must all have a solid understanding of how personal finance works, an ability to access safe financial products for short-term needs and long-term goals, and knowledge of where to turn if financial decisions are too complex.
Posted in: Financial Education and Financial Access
By: Tim Massad and Holly Petraeus
Wednesday, May 09, 2012
Our military families make many sacrifices for our nation, and not just when a servicemember goes into combat. Military families also face challenges when a servicemember receives orders for a Permanent Change of Station (PCS) move to another base, and the family has to decide whether to go along or live apart. Unfortunately, for many military families, this challenge has become more difficult in the wake of the housing market downturn. This is because like other Americans, many military homeowners are currently underwater on their mortgage. Because their home’s value has decreased since they purchased it, these servicemembers may not be able to sell their home at a price that will pay off their mortgage, and they may not be able to rent out their home at a price that will cover their monthly mortgage payments. These military homeowners also may get a lower housing allowance at their new duty station, and may face additional loss of income while their spouse looks for a new job. Suddenly, military homeowners who have been faithfully paying their mortgage on time face a real risk of falling behind.
Posted in: Making Home Affordable
By: Jenni LeCompte
Tuesday, May 08, 2012
During today’s trip to Albany, New York, President Obama highlighted an important and emerging trend – rather than outsourcing, companies are increasingly choosing to invest and create jobs in the United States.
Posted in: Manufacturing
By: Natalie Wyeth
Friday, May 04, 2012
This morning, the Bureau of Labor Statistics released data on the employment situation in April.
While we continue to make progress, we are fully aware of the challenges that far too many Americans continue to face. We need to do more, which is why the President has laid out his blueprint for an American economy that is built to last and will continue to urge Congress to do more to help grow the economy and create jobs.
Posted in: Category 1
By: Tim Massad
Thursday, May 03, 2012
Just a few weeks ago, Regions Financial repaid the $3.5 billion it received through the Troubled Asset Relief Program at the height of the 2008 financial crisis.
Posted in: Financial Stability, CPP
By: Neal Wolin
Thursday, May 03, 2012
Last week, in Chicago, the U.S. Department of the Treasury, with the Department of Housing and Urban Development and in partnership with the HOPE NOW Alliance and NeighborWorks America, sponsored its 69th Help for Homeowners Event. Since 2009, Treasury and our partners have held these events all across the country, and more than 65,000 people have come to sit down and discuss their options with a representative from their mortgage company and a HUD-approved housing counselor. I went to Chicago, my hometown, to hear about homeowners’ experiences first-hand and talk with community leaders about ways to help our programs reach more families struggling with their mortgages.
Posted in: Making Home Affordable
By: Dr. Jan Eberly
Wednesday, May 02, 2012
Today, Treasury released a set of charts examining the forces affecting recent economic growth in the United States.
Posted in: Economic Policy, Data and Charts Center
By: Aaron Klein
Monday, April 30, 2012
Last week, Treasury Secretary Tim Geithner traveled to Portland, Oregon to visit Oregon Iron Works, where he saw first-hand the resurgence of American manufacturing and how investing in infrastructure creates American jobs. Oregon Iron Works is a privately held small business that got its start in 1944 and builds products ranging from complex bridges to streetcars. Today it has grown to employ more than 400 workers with more than $100 million in annual sales. Through its United Streetcar division, Oregon Iron Works brought the manufacturing of streetcars back to the United States for the first time in 60 years and is producing streetcars for Portland and Tucson, Arizona, and just won a bid to produce streetcars for Washington, DC.
Posted in: Manufacturing, Infrastructure, Budget
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