Meet your new banker: Uncle Sam
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mortgage March 14th, 2008Some say this year’s financial sector upheaval could leave the feds buying stocks and bonds.
NEW YORK (Fortune) — With a vicious storm pelting the markets, Treasury Secretary Henry Paulson is urging bankers to batten down the hatches - possibly foreshadowing an expanded government role as a financial-sector investor.
Paulson spoke Thursday morning in Washington as the President’s Working Group on Financial Markets unveiled its suggested policy responses to the past year’s credit market unrest. Paulson said the group’s recommendations - including stronger oversight of players in the mortgage industry - aim to make markets more transparent and less prone to breakdowns such as the one that began last summer, when investors began fleeing mortgage-related securities.
Tags: mortgage
