Saturday 27 September 2008

CRS summaries on subprime crisis

The Thurgood Marshall Law Library has added two Congressional Research Service (CRS) research summaries to its excellent collection of digitized CRS documents. The Cost of Government Financial Interventions, Past and Present addresses questions about the recent financial interventions by the government in the business of private corporations including AIG, Fannie Mae/Freddie Mac, and BearStearns. The report discusses sources of funding and the costs to taxpayers and includes a table summarizing "Current and Historical Financial Interventions by the Federal Government".
The Proposal to Allow Treasury to Buy Mortgage-Related Assets to Address Financial Instability discusses a draft of Treasury Secretary Paulsen's proposal (dated 9/21/08) for legislative authorization to allow direct intervention in the economy, and analyzes frequently asked questions.
These CRS documents are excellent summaries with clearly presented information about the subprime mortgage debacle and the turmoil in U.S. financial markets.

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