Friday, Mar 14, 2008
Fed runs low on ammo
reuters: Cash converter won't mark bottom
The list of things that haven't changed is long, and includes the fact that house prices in the United States are still falling, will keep falling for a long time and will destroy much more capital in the process.
Richard Syron, who as chief executive of Freddie Mac is at the epicentre of the housing and debt bust, was truly pessimistic in an appearance before investors and analysts on Wednesday.
It is an "extraordinary environment in housing finance ... really about the worst housing market in about a century," Syron said.
"It's not incorrect to say we are in a 100-year storm in the housing industry and we have to treat it as such."
Posted by ao @ 07:33 PM (124 views) Add Comment
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