Fed official sees subprime defaults
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NEW YORK -- The nation's banks are just beginning to feel the pain of defaults on risky mortgages they made at low introductory rates when housing prices were soaring, Federal Reserve governor Susan Bies said.
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Some analysts are hoping that the Fed will arrive at the conclusion that stronger action is needed to contain the damage from the deterioration of debt markets.
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Treasury Secretary Henry Paulson  said on Wednesday a recovery in the subprime mortgage market  will be slowed by a wave of interest rate resets and urged  lenders to help troubled borrowers.
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U.S. President George W. Bush will propose reforms on Friday intended to help homeowners with subprime mortgages avoid default, his first public step to address a crisis that has created turmoil in financial markets around the world.
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WASHINGTON - Another small hike in United States interest rates is seen as a certainty when Federal Reserve policy-makers meet today.
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The Federal Reserve is likely to make one of three moves on interest rates.
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Top world finance ministers warned Saturday that the global economy faces growing threats from a US housing slump and credit crunch, urging banks to come clean on their subprime loan losses.
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US sub-prime mortgage losses exceed "the most pessimistic estimates", the Federal Reserve's Ben Bernanke says.
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President George W. Bush will propose reforms on Friday intended to help homeowners with subprime mortgages avoid default, his first public step to address a crisis that has created turmoil in financial markets around the world.
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The Federal Reserve acknowledged at its last regular meeting that a policy response might be necessary if financial market conditions worsened, show minutes of its August 7 meeting, released on Tuesday.
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Ex-Federal Reserve chief Alan  Greenspan told a Stockholm audience on Friday he did not  believe he had caused the U.S. subprime crisis and had warned  of the risk in 2004, a person attending the event said.
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U.S. banking regulators plan to issue guidance on the subprime mortgage market as early as Thursday afternoon, two sources familiar with the matter told Reuters on Wednesday.
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U.S. banking regulators on Tuesday urged mortgage servicers to be proactive and contact borrowers at risk of default to help them avoid foreclosure and keep their homes.
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President George W. Bush will  propose reforms on Friday intended to help homeowners with  subprime mortgages avoid default, his first public step to  address a crisis that has created turmoil in financial markets  around the world.
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ST. LOUIS  - Poor underwriting and investment decisions in subprime mortgage markets have led to the losses that are now even-handedly punishing lenders and investors, St. Louis Federal Reserve Bank President William Poole said on Friday.
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Treasury Secretary Henry Paulson said on Wednesday a recovery in the subprime mortgage market will be slowed by a wave of interest rate resets and urged lenders to help troubled borrowers.
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US banking regulators yesterday urged mortgage servicers to be proactive and contact borrowers at risk of default to help them avoid foreclosure and keep their homes.