As the debate over the proposed $700 billion bailout of Wall Street continues to rage in Washington, the government took over lending giant Washington Mutual Thursday night in what is by far the largest bank failure in American history. Continue reading
Fannie Mae CEO Daniel Mudd reacts to questions about the stability of the mortgage-lending giant after the government took steps earlier this week to back Fannie Mae and Freddie Mac in order to maintain stability and confidence in U.S. financial markets.
Federal Reserve Chairman Ben Bernanke warned Congress Wednesday that the U.S. economy may continue to shrink — signaling the possible start of a recession — in his first testimony since the Fed approved the bailout of investment firm Bear Stearns. Continue reading