Bernanke: Toughen Up on Refinance Mortgage Giants - 2007-03-06
Federal Reserve Chairman Ben Bernanke urged Congress on Tuesday to increase regulation of refinance mortgage giants Fannie Mae and Freddie Mac, and suggested limiting their big holdings to guard against any danger their debt poses to the overall U.S. economy. Bernanke has previously supported efforts to decrease the two mortgage companies' huge portfolios. The Fed chief's suggestion was contained in remarks delivered via satellite to a bankers meeting in Hawaii.
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HSBC profit up despite mortgage woes - 2007-03-06
HSBC Holdings plc, the parent of HSBC Bank USA, reported Monday a 5 percent profit increase last year, overcoming losses in its U.S. mortgage operation. Net income climbed to $15.8 billion from $15.1 billion in 2005. The London company said pre-tax profits decreased by $725 million, largely due to the downturn in the mortgage unit in the United States. That operation is now being restructured.
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