federal government

Federal Reserve Chairman Ben Bernanke said Friday that the federal government will need to continue to play a role in the future of the mortgage financing market.

When the federal government took over IndyMac Bank, Cynthia Hendrix and other consumers with loans from IndyMac got brand new loans.

This means a new chance to keep their homes.

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Banks of all sizes are interested in a piece of the federal government's $250 billion fund to recapitalize financial institutions, Treasury Secretary Henry Paulson said Monday.

The beleaguered insurance giant AIG announced plans Friday to sell off parts of the company in order to pay off its massive debt to the federal government, but said it would re-emerge solid and nimble.

Amidst all the chaos surrounding the $700 billion Wall Street bailout plan, the federal government's other housing rescue program quietly opened for business Wednesday.

The federal government would provide as much as $700 billion in a far-reaching plan to rescue the nation's troubled financial system, according to a draft of the proposed bill obtained by CNN.

The federal government, in what may be its most comprehensive attempt yet to contain the financial crisis, is poised to establish a program to let banks get rid of mortgage-related assets that have been hard to value and harder to trade.

Fannie Mae was able to raise $7 billion Wednesday without having to pay a big premium. Analysts call this an indication that the federal government's decision to take over the troubled mortgage company has helped the housing market.

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