Mnuchin v. Waters

On November 19, Treasury Secretary Steven Mnuchin announced that he would sunset five of the Federal Reserve's emergency lending programs at year-end: the Primary Market Corporate Credit Facility, Secondary Market CCF, Municipal Liquidity Facility, Main Street Lending Program, and Term Asset-Backed Securities Loan Facility (TALF). His decision,…

When the Federal Reserve announced on March 23 that it would purchase eligible corporate debt, syndicated loans, and exchange-traded funds (ETFs) via a special purpose vehicle (SPV), backstopped by the Treasury, moribund markets jumped. Highly leveraged companies like Carnival, Ford, and Boeing, which were unable to obtain…

Fannie Mae, Freddie Mac, Housing, Government Bailout, Reform

Earlier this month, the Department of the Treasury released its long-awaited housing finance reform plan, which focused mainly on the two government-sponsored enterprises, Fannie Mae and Freddie Mac. The feds took both GSEs over in 2008, when rising defaults jeopardized their viability. The blueprint's release date was…