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In an interview on CNBC, Former Federal Chairman Alan Greenspan warned that if the Federal Reserve is given a role to oversee the financial system it could undermine its credibility.

Greenspan said the US is facing a "once in a century crisis." He warned that the U.S. teeters on the brink of recession...

After the U.S. House of Representatives passed a housing bill including provisions for the creation of a new GSE regulator and a liquidity backstop to help the beleaguered Fannie Mae and Freddie Mac, U.S. Treasury Secretary Paulson expressed his gratitude for the bill having passed quickly.

"As I have said before, the GSE portions of this bill are orders of magnitude more important to turning the corner on the housing correction and...

In a press conference on Tuesday, U.S. President George W. Bush thanked members of Congress for its positive response to the housing bill but urged them to enact the plan into law quickly as he feels that more needed to be done before the August recess.

Even as the House of Representatives passed two housing rescue bills and the Senate wrestles over a bill of its own, criticism is raining down on those remedies to the housing crisis that are already in place.

There are so many piecemeal plans operating such as Hope Now, Project Lifeline and FHA Secure that it is hard to make any blanket assessment of performance, but a few initiatives stand out.

Also under fire, not unexpectedly, are proposed new rules for regulating the mortgage industry...

With what surely passes as warp-speed on Capitol Hill, the Senate on Wednesday afternoon reached tentative bi-partisan accord on a wide- ranging housing bill.

On Tuesday afternoon the Senate voted 94-1 to move forward on legislation to help homeowners facing foreclosure.

If the legislation is adopted there will be a $7,000 one-year tax credit for purchasers of foreclosed home - a compromise, the Democrats had proposed $15,000 over three years.

Under the new bill the cap on mortgages insured by the Federal Housing Administration (FHA) would be set at ...