Phillip Swagel News
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The mortgage interest deduction capital of the U.S. lies just outside the nation’s capital.
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U.S. lawmakers are weighing how far they can go in altering one of the most politically sensitive provisions in the tax code: the deduction for home mortgage interest.
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The top Republican tax writer in Congress pledged a “careful, thoughtful review” of tax breaks for homeowners, including the mortgage interest deduction.
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When Kristin Forbes sought tenure at the Massachusetts Institute of Technology early last decade, some colleagues said her research focus on financial contagion led to a dead end. Her reaction: Full speed ahead.
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The bailout of General Motors Co. played an important role in the re-election of President Barack Obama, who stumped on the issue in Midwestern swing states. Now comes the hard part: unloading the government’s stake, probably at a big loss.
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The financial crisis and recession cost U.S. households an average of about $100,000 in lost wealth and income, according to a study by former Treasury Department economist Phillip Swagel.
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Fannie Mae and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.
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The U.S. Treasury Department under Secretary Timothy F. Geithner is coming out of the worst economic crisis since the Great Depression with expanded powers to guard against future threats to financial stability.
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Leaders of the Senate Banking Committee promised a bipartisan bill to restructure the Federal Housing Administration as it faces its first shortfall since it was founded in the 1930s.
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The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
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