CongressionalHearings/TARP/CHRG-110shrg50415/CHRG-110shrg50415--21.txt 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 . FOMC2008_csv/FOMC20081216meeting--59.txt MR. MEYER Corporate bond yields should decline with Treasury bond yields , though perhaps less if supply effects are the main reason Treasury yields fall . CongressionalHearings/Dodd-Frank/CHRG-110hhrg45625/CHRG-110hhrg45625--94.txt 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 . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--3.txt Certainly in recent months , no one can accuse Chairman Bernanke , Secretary Paulson , Chairman Bair , and others of timidity in the face of this crisis . FOMC2008_csv/FOMC20080130meeting--314.txt MR. PARKINSON The second column shows that , when investors pulled back from the ABCP markets , those program types shrank especially rapidly . FOMC2008_csv/FOMC20080130meeting--314.txt 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- . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--169.txt 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 . FOMC2008_csv/FOMC20080310confcall--3.txt 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 . CongressionalHearings/TARP/CHRG-110shrg50415/CHRG-110shrg50415--29.txt 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 . FOMC2008_csv/FOMC20080310confcall--87.txt 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 . CongressionalHearings/TARP/CHRG-110shrg50415/CHRG-110shrg50415--2.txt The Chairman of the Federal Reserve , Ben Bernanke , and Treasury Secretary Hank Paulson and many other respected individuals have all agreed on that fact . CongressionalHearings/TARP/CHRG-110shrg50415/CHRG-110shrg50415--2.txt On Fannie Mae and Freddie Mac , the wrong-headed critics say Fannie and Freddie lit the match of the subprime crisis . CongressionalHearings/TARP/CHRG-110shrg50417/CHRG-110shrg50417--30.txt Executive compensation at Bank of America will not be paid using the capital infusion received from Treasury last week . CongressionalHearings/TARP/CHRG-110shrg50417/CHRG-110shrg50417--153.txt 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 . FOMC2008_csv/FOMC20081216meeting--3.txt MR. DUDLEY In recent years , commercial banks and the CMBS market provided the major source of funds for the commercial mortgage market . FOMC2008_csv/FOMC20081216meeting--3.txt MR. DUDLEY In normal times , movements in the federal funds rate result in moves in financial conditions in the same direction . FOMC2008_csv/FOMC20081216meeting--3.txt 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 . CongressionalHearings/TARP/CHRG-110hhrg46593/CHRG-110hhrg46593--16.txt 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 . CongressionalHearings/TARP/CHRG-110hhrg46593/CHRG-110hhrg46593--14.txt 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 . FOMC2008_csv/FOMC20081029meeting--6.txt MR. BASSETT As shown by the blue line , nearly 90 percent of the institutions that originated nontraditional mortgages tightened standards on such loans . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--170.txt 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- . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--170.txt 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 . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--170.txt In the meantime , purchases by the Treasury under its GSE MBS Purchase Facility have augmented those of the Enterprises and the Fed.Q .1 . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--170.txt The EESA created the Financial Stability Oversight Board , which includes the same members as the FHFA Oversight Board plus the Federal Reserve Chairman . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--17.txt 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 . CongressionalHearings/TARP/CHRG-110shrg50417/CHRG-110shrg50417--22.txt Chairman Dodd and Members of the Committee , thank you for including us in today 's hearing on the Capital Purchase Program . CongressionalHearings/TARP/CHRG-110shrg50417/CHRG-110shrg50417--22.txt The Government 's investment in our firm came along with a special responsibility , as you have noted , Mr. Chairman , to America 's taxpayers . CongressionalHearings/TARP/CHRG-110hhrg46593/CHRG-110hhrg46593--292.txt The Treasury 's original plan to buy impaired loans as a way of cleaning the bank 's balance sheet simply could n't work . CongressionalHearings/Dodd-Frank/CHRG-110hhrg46591/CHRG-110hhrg46591--272.txt 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 . CongressionalHearings/TARP/CHRG-110shrg50414/CHRG-110shrg50414--271.txt As indicated above , Fannie Mae and Freddie Mac have decided to reduce significantly the use of stated income loans going forward . CongressionalHearings/TARP/CHRG-110shrg50414/CHRG-110shrg50414--271.txt They also have developed products such as Community Express and Modernization Express that help public agencies finance important public investments in housing . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--27.txt Treasury has also provided the Enterprises and the Federal Home Loan Banks credit facilities to provide liquidity if needed . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--27.txt The objective applies to all Federal agencies that hold troubled assets , including FHFA as conservator of Fannie Mae and Freddie Mac . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--24.txt I remember testifying before this Committee about a year ago that I thought we might reach 240,000 borrowers in fiscal year 2008 . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--29.txt 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 . CongressionalHearings/TARP/CHRG-110shrg50417/CHRG-110shrg50417--155.txt That would include the ASF Streamlined loan modification guidance , Fannie Mae and Freddie Mac 's Streamlined Modification Program . FOMC2008_csv/FOMC20080318meeting--3.txt 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- .