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US officials working on rescue plan for banks

US officials are understood to be working on a plan to help rid US banks of their bad debts.

The BBC has reported that after a meeting with Congress members late on Thursday, US Treasury Secretary Henry Paulson said new laws were needed to deal with the problems facing banks.

Paulson is reported as saying: “We talked about a comprehensive approach that will require legislation to deal with illiquid assets on financial institutions’ balance sheets.”

There is speculation that one plan being discussed involves legislation that would force lenders to renegotiate mortgages that homeowners are having difficulty paying.

Another possibility is to establish a government agency that would take on the debt.


Market Watch 15/09/2008

Swaps fell a bit but haven’t changed much in the past few weeks. Three-month Libor edged down to 5.71%.

L&G bigwig joins Towergate

Ben Thompson, managing director of Legal & General Mortgage Club, has revealed he is leaving the firm to join Towergate Partnership, the parent group of his previous employer Paymentshield.

King’s the top dog now

When Sir Howard Davis, founding member of the Financial Services Authority was top dog at the regulator he liked to describe his role as Gordon Brown’s representative here on earth. It was a tongue in cheek observation but one symptomatic of the man’s self-confidence and the moral authority of the chancellor. I don’t think John […]


Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


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