Goldman Sachs

Paulson: Housing Correction Depends on Flow of Mortgage Lending 

“There is no playbook for responding to turmoil we have never faced,” wrote U.S. Treasury Department secretary Henry Paulson in an opinion piece featured Monday in The New York Times. The rules for the implementation of funds under the Treasury’s Troubled Asset Relief Program, therefore, have had to adjust along the way, he said. It’s an approach that, thus far, has drawn some strong criticism for Paulson; but the Treasury secretary has also pulled in equal amounts of praise from some peers, as well.