A Nation Without Fannie or Freddie? What Would Happen Jul 13, 2008
" While the two companies are publicly traded, theres an implicit guarantee that as government-sponsored enterprises they are backed by the full faith and credit of the U.S. government. That implicit guarantee has always been hypothetical, up until now. If the government took over responsibility for all the loans guaranteed by Fannie and Freddie, it would effectively double the size of the national debt, economists said, and severely impair the ability of the government to do business.... (Fox News)
Financial fires sear public's confidence Jul 13, 2008
Nationalizing the companies "would put the full faith and credit of the Treasury at risk," says Allen Sinai at Decision Economics in New York. "It would make foreign investors think hard about buying U.S. Treasury debt."The way you stop a bank run is to restore confidence. (Fresno Bee -- Business)
U.S. Adopts Capitalism Lite for Housing Bailout Jul 13, 2008
Ginnie Mae mortgages, unlike those securitized by Fannie Mae and Freddie Mac, carry the full faith and credit of the U.S. government. So, while fears about the capital adequacy of and are dominating the marketplace, the expansion of FHA, either through administration diktat (FHASecure) or congressional legislation, poses a direct risk to us, the taxpayers. (Bloomberg -- Columnists)
Politics: Obama's Problem With Proposition 8 Jul 8, 2008
DOMA protects states from being forced to recognize same-sex marriages performed in other states under the "Full Faith and Credit" clause. Obama likely would have preferred not to catch the bouquet on this one, but California is the biggest electoral prize this November and Prop 8 may be the biggest issue on its ballot. (Investors Business Daily)
Green jobs in DiMasi's sights as social activists push for training Jul 8, 2008
In addition, the center may issue $50 million of bonds, although not backed by the full faith and credit of the state, and make loans to support its goals. Of the fund s annual allocations, $5 million must go to a clean energy seed program to support public-private partnerships to advance clean energy, which in turn must be matched by venture capital. (Belmont Citizen Herald, MA)
Theater concept widens its stage Jul 4, 2008
"3CDC has the full faith and credit of the business community. They have considerable expertise.". Bortz agreed that 3CDC is "perfectly positioned and highly qualified" to assemble the best development plan and a team to build it. (Cincinnati Business Courier, OH)
Gay Marriage Decision Ignores Traditional Values, Lacks Leadership Jun 23, 2008
Also, Congress could update the Defense of Marriage Act: It forbids the use of the Constitution s full faith and credit clause to force states to recognize these California marriages, but it doesn t protect states from the decisions of family courts in states that recognize same-sex unions. Finally, lawmakers could consider a resolution encouraging the people of California as they amend their state constitution to restore the traditional definition of marriage. (Human Events Online)
A Supreme Constitutional Showdown Jun 13, 2008
The Full Faith and Credit Clause of the U.S. Constitution requires every state accept the legal enactments of other states ... The Full Faith and Credit Clause requires marriage be respected even if the parties could not be legally married in their home state. (Townhall.com)
TIFA sells bonds for $2.3 million streetscape project Jun 12, 2008
The East Tawas City Council at a special meeting on May 21 approved a resolution pledging the city s full faith and credit toward the bond issues. The city last month received an A+ credit rating by Standard and Poor s Corporation. (Iosco County News Herald, MI)
Nolte: College has major space issues Jun 12, 2008
A general obligation bond is a debt secured by the "full faith and credit" of the issuing government and backed by revenues from its taxing power. "This is the time to invest in our future," she said. (Casper Star-Tribune, WY)
Jim Johnson Leaves Obama Veep Search Team Jun 12, 2008
Its securities are required to say in so many words that they are not backed by the full faith and credit of the United States government. But nobody believes it. (Slate)
Let the bells ring Jun 11, 2008
For starters, the ruling is likely to lead to a challenge of the Defense of Marriage Act, passed in 1996, which defines marriage for federal purposes as occurring only between men and women and empowers states not to accept same-sex marriages performed elsewhere, even though the full faith and credit clause of the U.S. Constitution requires states to legally recognize one another s actions and records. No matter what happens in November, gays and lesbians have the right to receive marriage... (Montana Standard, MT)
Post-Christian America Jun 2, 2008
Marriage is nothing but a CONTRACT. As such, it is protected by the Full Faith and Credit Clause of the US Constitution, which says that a contract that is valid in one state is valid in all. So how can it be then that a state like Utah can refuse to recognize a same-sex marriage from Massachusetts. (Human Events Online)
N.Y. Governor Defends Recognition of Other Jurisdictions' Gay Marriages May 30, 2008
Lee Rosenberg said Paterson was right to cite, as the governor did Thursday, the full faith and credit clause of the U.S. Constitution as also obligating the state to recognize legal same-sex marriages in other jurisdictions. "You must recognize valid laws and determinations made by other states," said Rosenberg of Saltzman, Chetkof & Rosenberg in Garden City, N.Y. "It is a basic principle of how our judicial system and our legal system operate.". (Law.com)
New York to back same-sex unions from elsewhere May 29, 2008
Nocenti said that state agencies that did not provide "full faith and credit to same-sex marriages" could be subject to liability. 1. (International Herald Tribune)
McCain Disagrees With Obama and Clinton on Defense of Marriage May 28, 2008
Ordinarily, under the "Full Faith and Credit Clause" of the Constitution, states are required to recognize "the public Acts, Records and judicial Proceedings of every other State.". If DOMA were repealed, every state in the nation would be required to recognize the same-sex marriages contracted in Massachusetts and California. (CNSnews.com)
No comments posted. May 27, 2008
But, under the new law, Missouri will not extend what's called full faith and credit where, under terms of the U.S. Constitution, states recognize each others' legal documents and court decisions to out-of-state driver's licenses issued to illegal aliens. Lawmakers added a provision prohibiting employers from knowingly and willfully misclassifying a worker as an independent contractor and failing to claim that worker as an employee, when the employer knows that the worker is an employee. (Jefferson City News Tribune, MO)
Road Blocks Ahead for Gay Marriage May 25, 2008
When they begin to sue in federal court, they'll likely claim the denials violate the privileges and immunities clause of the U.S. Constitution and its promise of full faith and credit ... "The court would have to recognize the original marriage as valid to enforce the divorce and child support decree and thus give it full faith and credit," he says. (Time.com)
Democrats Divided on Obama's Call to Repeal DOMA May 23, 2008
Ordinarily, under the "Full Faith and Credit Clause" of the Constitution, states are required to recognize "the public Acts, Records and judicial Proceedings of every other State.". "Obama also believes we need to fully repeal the Defense of Marriage Act and enact legislation that would ensure that the 1,100+ federal legal rights and benefits currently provided on the basis of marital status are extended to same-sex couples in civil unions and other legally recognized unions," his campaign. (CNSnews.com)
LETTERS: NCT, May 20, 2008 May 21, 2008
The problem will be resolved by strengthening and legitimaizing the civil union and applying full faith and credit so it is recognized by all states. That way, the church can maintain the sanctity of the religious ceremony and gay couples civil unions will not be more legitimate in some states than it is in others. (North County Times)
East End Supers Criticize Proposed Changes To CPF May 21, 2008
"All the bill requires is that the chief fiscal officer of the town certify that he has the money to pay back what he has borrowed, because the bonds are already backed by the full faith and credit of the town and they must be paid back. Certifying that you actually have the money to meet that legal requirement is hardly burdensome. However, it does require the towns to demonstrate publicly that they have a sound borrowing plan." All of the supervisors said they are eager to sit down with state... (Suffolk Life Newspapers, NY)
COURT OPINION: Read the rulingss May 20, 2008
In Bonaparte v. Tax Court, (1882), a case involving the Full Faith and Credit Clause, we held that a foreign State is properly treated as a private entity with respect to state-issued bonds that have traveled outside its borders. See id. (USA Today -- Money)
Jury of Judges Still Out On Gay Marriage May 17, 2008
On the flip side, its only a matter of time before a married same-sex couple sues in federal court to enforce the federal Constitutions full faith and credit clause that is designed to ensure some modicum of uniformity between the states. The language of the clause reads as follows: Full faith and credit shall be given in each state to the public acts, records, and judicial proceedings of every other state. (CBS News)
Barr backs gay marriage ruling May 17, 2008
Full Faith and Credit Clause of the Constitution ... It is contrary to the full faith and credit clause of the US constitution. (Atlanta Journal-Constitution)
7 Things to Consider When Choosing an Online Bank May 2, 2008
FDIC insurance is backed by the full faith and credit of the United States government. 3. (Pekin Times, IL)
Kathleen Pender: Bank deposit insurance FAQs Apr 22, 2008
Both the FDIC and the NCUA are backed by the full faith and credit of the U.S. government. Q: What are the insurance limits. (San Francisco Chronicle -- Business)
Boost your savings Apr 1, 2008
Like federally insured bank deposits, these accounts are backed by the full faith and credit of the U.S. government, says Fred Becker, president of the National Association of Federal Credit Unions ... The downside: Your deposits won't be protected by the full faith and credit of the federal government. (USA Today -- Money)
Mismanaging the Mortgage Mess Mar 27, 2008
The Federal Housing Administration (FHA) would get $20 billion from Congress, using it to capitalize $300 billion in bonds -- secured by the full faith and credit of the United States (i. e., with taxpayers money). (Human Events Online)
JPMorgan to Buy Bear Stearns for $2 a Share Mar 17, 2008
State " Zip: Email: 12 ISSUES FOR $12.00 71% OFF! 24 ISSUES FOR $18.00 79% OFF! 36 ISSUES FOR $24.00 Best Deal! Print Send (Adds additional details after fourth paragraph) NEW YORK -(Dow Jones)- Executives of J.P. Morgan Chase & Co. (BSC) Sunday night said that despite only a day-and-a-half of scrutinizing the books of Bear Stearns Cos. (BSC), its deal to buy the investment bank at a bargain-basement price is compelling strategically and financially. Capping a frenzied weekend of negotiations... (SmartMoney)
Braves stadium gets AAA bond rate Mar 9, 2008
"The ... AAA rating reflects the security provided by a pledge of Gwinnett County's full faith and credit and taxing power," Fitch said in a report on the bonds. In an interview, Moody's public finance analyst Baye Larsen said: "The bottom line is they are pledging their full taxing authority, not just one revenue stream.". (Atlanta Journal-Constitution)
More of this story» Mar 8, 2008
The full faith and credit of the county may be pledged by subsequent resolution of the Board of Commissioners adopted by a three-fifths majority of its members as additional secondary security for the bonds, but that has not happened at this point, County Administrator Terry Proctor said. "I'm very happy to not see anybody in the audience opposed to this," said Commissioner David Taylor, D-Edwardsburg. (Dowagiac News, MI)
Bernanke to banks: Get real, reduce loan amounts Mar 7, 2008
and while several years' service to the nation gets you very little these days, it does get you a 100% loan backed by the full faith and credit of the US government. "The altruistic defense insults the inteligencia when you really want to maintain and increase your property value and are also supporting the fed/banks principal decline-mitigation plan I mean come on.". (Yahoo News -- U.S. Economy)
Singles could lose eligibility to adopt Mar 4, 2008
Baria said the legislation could have unintended consequences as well, including violating the U.S. Constitution's Full Faith and Credit clause, which requires all states to recognize certain actions of individual states. "I am concerned that we are not thinking through these things before they bring them to the floor of the Senate," Baria, D-Bay St. Louis, said. (The Clarion-Ledger)
MONSTER DEBT COULD SINK OUR SHIP OF STATE Mar 2, 2008
Our "full faith and credit" is on the verge of collapse while we debate whether to paint our ship of state red or blue as we swirl into a financial drain. We must discuss and plan how to get our national debt to manageable size. (San Francisco Chronicle -- Opinion)
Canadian investors present reports to LAA at State Capitol meeting Mar 1, 2008
""The quality of work done so far is without question and to be backed by the full faith and credit of a sovereign nation, I challenge you to find another example in the history of Louisiana. If we are further delayed, it will be for the same reason. (Gonzales Ascension Citizen, LA)
Letters to the Editor - 2/27/2008 Feb 28, 2008
Last modified Tuesday, February 26, 2008 9:38 PM PST. So, and , but who is this Ron Paul guy. (North County Times)
Why city budget's running in the red Feb 13, 2008
On April 1, 2007, the city Brownfield Authority sold an 810,000 bond issue backed by the city's full faith and credit to develop phase one of the former junior high site occupied by the Donald Lyons Health Center. This issue also assisted in funding the demolition of all school infrastructure. (Dowagiac News, MI)
Stark Raving Mad Feb 6, 2008
And inflation could begin in earnest, backed by the full faith and credit of the US government, and its 700+ overseas military bases. For nearly 40 years, this process seemed to work. (Human Events Online)
Tovey takes a lyrical turn to create Pictures Jan 18, 2008
Harold Meltzers Full Faith and Credit is named for a phrase from the constitution of the United Statesalthough so far, Tovey cant find any direct link between this source and the way his New York Citybased colleagues work sounds. Its just wonderful, isnt it, that something as erudite as the U.S. constitutionI choose my words carefullycan inspire a piece for two bassoons, he says. (Georgia Straight)
Chief Justice Wood's False Choice Jan 14, 2008
" From the other side of their mouths they are telling us that they themselves can speculate with respect to the future intent, professional competency, and sense of fairness and purpose of the CHRAJ Commissioner. How come? WHAT CHIEF JUSTICE WOOD IS TELLING THE PEOPLE: We are arguing that the Wood invention goes against the spirit and purpose of the Constitutional provisions. The ruling against CHRAJ is very troubling, to say the least. Whence this interjection of formal by Justice... (Ghana Web, Ghana)
EDITORIAL: The PUL Alliance Dec 31, 2007
PUL is unique in Mississippis official history because it lent the full faith and credit of cooperating governments to expertise and vision coming from the private sector. The members of the three boards of supervisors leapt out of the conventions about county self-interest, and working diligently with good advice and passion, achieved a goal that skeptics and critics thought impossible. (Northeast Mississippi Daily Journal)
Muni Market's Nuttiness Proves Boon to Bond Insurers Dec 29, 2007
The municipal market is comprised of far more than the 50 states, using their general obligation, full faith and credit taxing power when they borrow money. In a Word. (Bloomberg -- Columnists)
County seeks funding for proposed toll-road study Dec 4, 2007
"The situation is dire in the county. We have to move forward on various fronts." Saying he believes relying on the full faith and credit of the county to back the toll projects and conventional transportation projects "would tax citizens unduly," Sadler said the projects might be funded through toll revenue bonds or private partnerships. Montgomery County leaders will have to look to the east portion up the county, Precinct 4 Commissioner Ed Rinehart said, to look for a north-south thoroughfare... (Conroe Courier, TX)
How the Fed Pulled the Rabbit out of the Hat Dec 3, 2007
When Richard Nixon finally yanked the US off the gold standard back on August 15, 1971, there was nothing else left except the full faith and credit of the federal government to back up the greenback. So whether the people have confident in their government matters a lot more when it completely controls their money supply in a monopoly-based banking system. (Human Events Online)
Daniel Mudd Fannie Mae president and CEO "Rates were low for a long period... Dec 2, 2007
Daniel Mudd / Fannie Mae president and CEO "Rates were low for a long period of time. Home prices accelerated for a long period. Both lenders and borrowers had a huge amount of confidence that ultimately led to overconfidence.". DTL Article:Daniel Mudd / Fannie Mae president and CEO "Rates were :/c/a/2007/12/01/BUOVTHTL1.DTL SFGate Web by Daniel Mudd Fannie Mae president and CEO "Rates were low for a long period of time. (San Francisco Chronicle -- Business)
Talking Business: Talking Business: Betting against a perfect credit rating Dec 2, 2007
There's no doubt about what drives Ackman crazy about MBIA: its triple-A credit rating, the highest any company can get - indeed, a rating more normally associated with Treasury bills, which are backed by the full faith and credit of the government. As Gary Denton, the company's chief executive, told me recently, "Our triple-A rating is the fundamental driver of our business model." No triple-A, no business. (International Herald Tribune)
Orlando, Orange County yank millions from state fund Nov 29, 2007
Gov. Charlie Crist said Wednesday that he was aware of the run and added that he might have "more of the full faith and credit of the state support it the account to stem these concerns.". That could mean the state would be asked to cover any possible losses suffered by those in the so-called local-government investment pool. (Orlando Sentinel -- Entertainment)
City Council okays spillway project study Nov 24, 2007
General obligation bonds are backed by the city's full faith and credit. Thus the general obligation option would be safer for investors and, thus, offer a lower interest rate. (Augusta Daily Gazette, KS)
Christopher Dodd sits down with the DI Editorial Board Nov 15, 2007
Asked what he would do if his own child were gay, the senator responded, "If it were legal in her state, I would support my daughter." However, we feel that full faith and credit should be extended on a federal basis regardless of sexual orientation. - During his many years in the U.S. Congress, Dodd has formed friendships across the aisle. (Daily Iowan, IA)
13 comments Nov 12, 2007
Remember "the full faith and credit of the U.S. government" ... That being does the currency reflect the full faith and credit of the paper. (Human Events Online)
Election 2007 Oct 21, 2007
Bonds backed by general revenue likely would have a lower interest rate than those backed by the state highway fund because the bonds are backed by the full faith and credit of the state. Texas has traditionally used general obligation bonds to fund various types of infrastructure in this state and should use them for funding transportation infrastructure as well. (Odessa American, TX)
US to Provide Loan Guarantees for Energy Projects Oct 8, 2007
"By putting the full faith and credit of the United States government behind these efforts, DOE's loan guarantees will help mitigate the financial risks inherent in the commercial deployment of innovative technologies," Bodman said. The final rules will be published next week in the Federal Register of government regulations. (Planet Ark, United States)
Strong demand in market for stem cell research bonds Oct 4, 2007
The stem cell bonds will be general obligation, which means they will be backed by the full faith and credit of the state and repaid out of the general fund ... CDs are insured up to the limits set by the Federal Deposit Insurance Corp. Treasuries are backed by the full faith and credit of the U.S. government. (San Francisco Chronicle -- Business)
Congress sends Bush bill to increase debt limit Sep 29, 2007
Treasury Secretary Henry Paulson praised the Senate for protecting he full faith and credit of the United States. The House passed the stopgap funding bill on Wednesday and passed the debt limit increase when adopting its budget plan in May. (Durant Daily Democrat, OK)
Viewpoint: Court ruling puts school construction in jeopardy Sep 28, 2007
COPs are like revenue bonds but are not directly backed by the full faith and credit of the government body that issues them. Because of this, Florida Supreme Court rulings in 1980 and 1990 said that, unlike general revenue bonds, they don't need voter approval. (Pensacola News Journal)
U.S. Congress agrees to raise national debt limit Sep 28, 2007
In a letter to congressional leaders, Paulson said that it was essential to protect the "full faith and credit" of the United States, especially at a time of financial market turmoil. Editor: Yao Siyan. (Xinhuanet, China)
Treasury Head Urges Quick Action On Debt Ceiling Sep 21, 2007
He urged quick action to increase the limit, saying it was essential to protect the "full faith and credit" of the country, especially at a time of financial market turmoil ... "The full faith and credit of the United States, to which we all remain committed, is a national asset and a cornerstone of the global financial system," Paulson said in his letter. (CBS New York, NY)
Northern Rock: The Government's Promise Sep 21, 2007
So, existing balances, future interest payments, and money moved between existing accounts will all benefit from the "full faith and credit of the British government". In other words, existing Northern Rock savers now enjoy the same level of financial strength given to the government's own savings arm, National Savings tments. (Sky News)
$9 trillion and rising Sep 21, 2007
The full faith and credit of the United States, to which we all remain committed, is a national asset and a cornerstone of the global financial system. In light of current developments in financial markets, which would be exacerbated by uncertainty in the Treasuries market, I urge the Senate to pass the legislation reported by the Finance Committee to increase the debt limit as soon as possible. (EETimes)
Of Traveler’s Checks, Green Stamps, & Little Iron Men Sep 19, 2007
But I wouldn t bet against the full faith and credit and military might and entrepreneurial creativity -- of the US just yet, no matter how much Charles Ponzi must be rolling in his grave at the thought of such an opportunity lost. The bottom line: in international finance as in the new world order it pays to be on top. (Human Events Online)
Perils of the debt-propelled economy Sep 18, 2007
Banks are protected from this requirement by their discount window at the central bank, which is backed by the full faith and credit of the nation, and by Federal Deposit Insurance Corp (FDIC) insurance ... The Ginnie Mae guaranty is backed by the full faith and credit of the United States. (Asia Times Online)
State high court rules tribe has no jurisdiction over father, child Sep 17, 2007
Knowledgeable wrote on Sep 14, 2007 5:36 PM:" ICWA does not apply to civil custody cases, it applies to child welfare cases. I'm a tribal ICW worker and I never cease to be amazed at how often people invoke ICWA on cases it doesn't pertain to. This was a civil custody matter. Many states and tribes have "full faith and credit" between their jursidictions, which is where a civil custody case like this could be heard in a tribal court or another county or state's court, and be enforced by a... (Rapid City Journal, SD)
Judge upholds Tijuana sewage deadline Sep 15, 2007
You give me the full faith and credit of the U.S. government. and I will give you an extension. (San Diego Union-Tribune)
City loses state support for tower Sep 12, 2007
Commerce wants to clarify that the city, although not expected or required to do so, may finance the required 25 percent of project costs with [general obligation] or other full faith and credit bonds for which the city is willing to guarantee repayment, the letter states. Overby says the second option would cost the city at least 60 million, a cost that most small cities, and even some larger ones, wouldn t be able to cover. (Kansas City Kansan, KS)
United States Debt and the World Aug 28, 2007
All the world s currencies have become fiat currencies anyway, backed only by the full faith and credit of their respective governments. Of course I could be wrong. (Human Events Online)
