Congress eyes bond insurers amid housing crisis
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The widening U.S. housing finance  crisis prompted calls in Congress on Thursday for new scrutiny  of bond insurers and credit raters, while Senate Democrats  offered a rescue plan for troubled homeowners.
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The Senate will likely drop a measure to issue additional tax-exempt mortgage bonds from its fiscal stimulus package, but the bonds will appear in a future bill, the chairman of the Joint Economic Committee of Congress told Reuters on Wednesday.
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More steps by Congress and the Bush administration are likely needed to stabilize the imploding U.S. housing market, a senior White House official said on Tuesday, as more signs of distress appear.
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Members of Congress are broadening efforts to address problems in the sale of life insurance and mutual funds to young soldiers and other service members.
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Warren Buffett's Berkshire Hathaway Inc   is starting a bond insurer that would help state and local governments lower their borrowing costs, and is likely to lure business from established rivals struggling with credit market turmoil.
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Capitol Hill weighs fixes to lending industry, but divergent views on market regulation may limit results.
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Current and former CEOs of three major U.S. financial institutions deeply involved in the widening subprime mortgage crisis were asked on Monday by a Congressional committee to testify at a hearing next month on their massive pay and severance packages.
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WASHINGTON -- The Federal Reserve and other banking regulators issued special guidance Tuesday urging loan service companies to work with borrowers in danger of defaulting on their home mortgages.
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The chairman of the Senate Banking Committee is working on a plan to set up a company to buy distressed home loans at currently discounted values and help fund new mortgages.
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The recapitalization of U.S. bond insurers hit by the subprime mortgage crisis could occur within "a couple of days," New York Gov. Eliot Spitzer said on Thursday.
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Treasury chief is looking for a financial instrument to help homeowners facing foreclosure.
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The House Financial Services Committee will draft legislation requiring U.S. hedge funds to keep copies of trading data and will take a closer look at the role of credit rating agencies in the collapse of some funds linked to subprime mortgages, the panel chairman said on Wednesday.
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Congress dithers, and investors should beware.
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WASHINGTON - Executives from major credit rating agencies were accused yesterday by senators of being hampered by conflicts of interest that may have contributed to the worldwide mortgage market turmoil.
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Fear of bond insurers losing their  investment-grade credit ratings is rattling investors as  estimates mount for the cost of paying for the latest chapter  in the widening U.S. credit crisis.
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The crisis in the U.S. subprime  mortgage market has heightened tension between mortgage lenders  and brokers who both hope to shape any laws aimed at stamping  out dangerous loans.
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As the largest bond insurer fights to save its credit ratings, investors head for the door.