The third largest lender , also accounting for about 5 percent , was Third Federal Savings , which I have to say , Mr. Chairman , there are some heroes in this crisis .
MR. MEYER
Corporate bond yields should decline with Treasury bond yields , though perhaps less if supply effects are the main reason Treasury yields fall .
Chairman Bernanke , delinquency rates of commercial and industrial loans , as reported by the Federal Reserve , are at their highest level since the 4th quarter of 2004 .
Certainly in recent months , no one can accuse Chairman Bernanke , Secretary Paulson , Chairman Bair , and others of timidity in the face of this crisis .
MR. PARKINSON
The second column shows that , when investors pulled back from the ABCP markets , those program types shrank especially rapidly .
MR. PARKINSON
Specifically , they asked the The materials used by Mr. Parkinson , Mr. Gibson , Ms. Hirtle , Mr. Greenlee , and Mr. Angulo are appended to this transcript -LRB- appendix 6 -RRB- .
On September 6 , 2008 , the Treasury and Federal Housing Finance Agency -LRB- FHFA -RRB- placed Fannie Mae and Freddie Mac into conservatorship , administered by the FHFA .
MR. DUDLEY
I do n't want to be alarmist , but even today we saw double-digit stock price declines for Fannie Mae and Freddie Mac .
The second thing I would focus on is for Treasury under the TARP program to maximize loan modifications , as some of the Senators have mentioned .
MR. ALVAREZ
These lending transactions may be against pledges of U.S. government securities , other assets that the Reserve Bank is specifically authorized to buy and sell under section 14 of the Federal Reserve Act -LRB- including federal agency residential-mortgage-backed securities -RRB- , and nonagency AAA-rated residential-mortgage-backed securities .
The Chairman of the Federal Reserve , Ben Bernanke , and Treasury Secretary Hank Paulson and many other respected individuals have all agreed on that fact .
On Fannie Mae and Freddie Mac , the wrong-headed critics say Fannie and Freddie lit the match of the subprime crisis .
Executive compensation at Bank of America will not be paid using the capital infusion received from Treasury last week .
Similar to the plan Paulson has discussed in the Wall Street Journal on Dec. 3rd , it is necessary to lower mortgage rates and increase lending through Fannie Mae and Freddie Mac .
MR. DUDLEY
In recent years , commercial banks and the CMBS market provided the major source of funds for the commercial mortgage market .
MR. DUDLEY
In normal times , movements in the federal funds rate result in moves in financial conditions in the same direction .
MR. DUDLEY
For example , in the five-year sector , debt spreads for Fannie Mae and Freddie Mac have narrowed more than 50 basis points since the last FOMC meeting .
As you know , in concert with the Treasury and the Federal Reserve , we took a number of actions to bolster confidence in the banking system .
That oversight board includes the Secretary of the Treasury , the Secretary of Housing and Urban Development , the Chairman of the Securities and Exchange Commission , the Director of the Federal Housing Finance Agency , and the Chairman of the Federal Reserve Board .
MR. BASSETT
As shown by the blue line , nearly 90 percent of the institutions that originated nontraditional mortgages tightened standards on such loans .
Therefore , Treasury committed to provide $ 20 billion of TARP resources in support of a $ 200 billion Federal Reserve facility -- the Term Asset-Backed Securities Loan Facility -LRB- TALF -RRB- .
The Senior Preferred Stock Purchase Agreements signed between the Enterprises and Treasury ensure consultation or agreement with the Treasury on many aspects of the Enterprises activities .
In the meantime , purchases by the Treasury under its GSE MBS Purchase Facility have augmented those of the Enterprises and the Fed.Q .1 .
The EESA created the Financial Stability Oversight Board , which includes the same members as the FHFA Oversight Board plus the Federal Reserve Chairman .
Last week , the FDIC Board and the Federal Reserve Board recommended that the Secretary of the Treasury invoke the `` systemic risk exception , '' which he did , after consulting with the President .
Chairman Dodd and Members of the Committee , thank you for including us in today 's hearing on the Capital Purchase Program .
The Government 's investment in our firm came along with a special responsibility , as you have noted , Mr. Chairman , to America 's taxpayers .
The Treasury 's original plan to buy impaired loans as a way of cleaning the bank 's balance sheet simply could n't work .
Chairman Frank and I have instructed the Treasury Secretary to move in this regard , and we realize that there has to be some money set aside .
As indicated above , Fannie Mae and Freddie Mac have decided to reduce significantly the use of stated income loans going forward .
They also have developed products such as Community Express and Modernization Express that help public agencies finance important public investments in housing .
Treasury has also provided the Enterprises and the Federal Home Loan Banks credit facilities to provide liquidity if needed .
The objective applies to all Federal agencies that hold troubled assets , including FHFA as conservator of Fannie Mae and Freddie Mac .
I remember testifying before this Committee about a year ago that I thought we might reach 240,000 borrowers in fiscal year 2008 .
As provided in the Act , the Federal Reserve Board and its staff are consulting with Treasury regarding the TARP and Chairman Bernanke serves as Chairman of the Oversight Board for TARP .
That would include the ASF Streamlined loan modification guidance , Fannie Mae and Freddie Mac 's Streamlined Modification Program .
MR. DUDLEY
Fourth , Fannie Mae and Freddie Mac reported large fourth-quarter losses , and their stock prices and CDS spreads have performed accordingly -LRB- exhibit 5 -RRB- .