New Deal
... Several New Deal programs remain active, with some still operating under the original names, including the Federal Deposit Insurance Corporation (FDIC), the Federal Crop Insurance Corporation (FCIC), the Federal Housing Administration (FHA), and the Tennessee Valley Authority (TVA). The largest programs still in existence today are the Social Security System, Securities and Exchange Commission (SEC), and Fannie Mae.
FDIC Reserve Ratio Plummets
... The FDIC's Deposit Insurance Fund [DIF] has plunged to an all time low of just $13 billion as of March 31, or 0.27% of $4.8 trillion in insured deposits.
Bair Defends Fee to Build Deposit Reserves Amid Bank Opposition
... “Without additional revenue beyond the regular assessments, current projections indicate that the fund balance will approach zero,” [Federal Deposit Insurance Corp. Chairman Sheila] Bair said.
Admittedly, finding dirt on the FCIC escapes me now. I'll just skip them.
FHA Policy On Tax Credit More Limited Than Expected
... As of Oct. 1, sellers were barred from funding a borrower's down payment because high default rates on such loans were taking a toll on the FHA's insurance fund.
FHA Mortgagee Review Board Not Up to the Task, Inspector General Says
... A report released this week by the Department of Housing and Urban Development’s Office of the Inspector General found that the Mortgagee Review Board that examines FHA-approved lenders has been woefully inadequate as the FHA’s role in the mortgage market has spiked.
TVA Pension Board Member Says System Is Woefully Underfunded
... In a letter to TVA Board members, Leonard Muzyn said the shortfall to cover promised benefits to TVA employees could be as much as $5.1 billion.
Social Security Reserves To Be Exhausted In 2037
... “Although the combined OASDI program passes our short-range test of financial adequacy, the disability insurance trust fund does not; DI program costs have exceeded tax revenue since 2005, and trust fund exhaustion is projected for 2020.
Arianna Huffington: Everyone Agrees We Need to Reform Wall Street
... To call the SEC a cesspool of incompetence, inefficiency, ineptitude and disorganization would be an insult to cesspools everywhere.
Morgan Stanley Bullying Is Least of SEC’s Woes: Jonathan Weil
... The two lawyers from the SEC’s enforcement division engaged in suspicious trading in stocks of companies under SEC investigation, according to a March 3 report by SEC Inspector General David Kotz.
Grassley says SEC needs compliance system to enforce trading rules for employees
... "SEC attorneys are supposed to spend their time trying to prosecute insider trading, not profit from it.
Fannie Mae portfolio shrinks, delinquencies mount
... Fannie Mae (FNM.N) (FNM.P) said it shrank its gross mortgage portfolio at a 19.2 percent annual rate in April, while the serious delinquency rate on loans it guarantees rose in March to nearly triple the rate a year ago.
