Paulson Urges Stronger Mortgage Oversight

March 14, 2008 02:49 PM
by findingDulcinea Staff
U.S. Treasury Secretary Henry Paulson urges stronger oversight of the mortgage industry in order to avoid future situations like the current mortgage crisis.

30-Second Summary

Yesterday, Paulson outlined a number of rules and regulations developed by the president’s Working Group on Financial Markets aimed at preventing future mortgage crises like the one currently affecting the nation.

Paulson said that the group has been reviewing policy issues “to help reduce the likelihood that mistakes of the past are repeated,” Forbes reports.

“Regulation needs to catch up with innovation and help restore investor confidence but not go so far as to create new problems, make our markets less efficient or cut off credit to those who need it," Paulson said.

Paulson’s announcement comes as the U.S. dollar reaches new lows, falling below 100 yen for the first time since 1995 yesterday, and just after a Carlyle Group fund defaulted on about $16.6 billion of debt, causing “turmoil in financial markets,” reports Bloomberg.

Headline Links: Paulson urges stronger mortgage oversight as the dollar weakens

Opinion & Analysis: Do foreclosures have a positive side?

Related Topic: Countrywide mortgage applications fall sharply

Background: The mortgage crisis

Reference: The Working Group on Financial Markets


Most Recent Beyond The Headlines