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Housing

Big WWF Match Between FDIC And Fed At Congress Hearings

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

Uncle_samHank Paulson and FDIC chief Sheila Bair got into a fight over how the $700 billion bailout package should be used. Congress had a ring side seat.

A little color from MarketWatch:

"The root cause of the current economic crisis [is] the failure to deal effectively with unaffordable loans and unnecessary foreclosures," Bair said to lawmakers at a House Financial Services Committee TARP oversight hearing.

She noted that the rescue package approved by Congress "specifically provides" Paulson with the power to use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.
Instead, Paulson said he is sticking with his plan to use the first half of the allocated government capital, $350 billion, to buy significant minority stakes in large, mid-sized and small financial institutions. This approach is starkly different from Paulson’s initial strategy in September to use the capital to buy illiquid mortgage backed securities.
Douglas A. McIntyre
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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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