Pressure on banks to lead subprime response, Dartmouth Alum Hank Paulson

Posted on Saturday, November 10 2007 - 05:09 PM - Alumni

nullUS policymakers are shifting towards a response to the subprime mortgage crisis that would require greater concessions by investors and financial services companies.

Sheila Bair, chairman of the Federal Deposit Insurance Corporation, said there was gathering political momentum for a more ­radical approach than the investment and home loans industries had so far countenanced.
...

Hank Paulson, the US Treasury secretary, has not endorsed Ms Bair's proposals but has in recent days ­signalled support for a ­systematic solution led by the industry.

A US Treasury official said: “While we do support a more systematic approach and agree that there needs to be a better approach to reach more homeowners on more than a case-by-case basis, we have not said that we support the details of her plans because we aren't clear on them yet.”



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