Friday, Dec 25, 2009
Obama kicks the housing foreclosure can down the road
Bloomberg: U.S. Treasury Ends Cap on Fannie, Freddie Lifeline for 3 Years
"The U.S. Treasury Department will remove the caps on aid to Fannie Mae and Freddie Mac for the next three years, to allay investor concerns that the companies will exhaust the available government assistance. The two companies, the largest sources of mortgage financing in the U.S., are currently under government conservatorship and have caps of $200 billion each on backstop capital from the Treasury". "Foreclosure filings exceeded 300,000 in November for a ninth consecutive month", no doubt prompting this action.
Posted by alan @ 12:17 PM (852 views) Add Comment
10 Comments
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1. devo said...
This Christmas Day top-ranking post is lifted from MarketWatch ( a major mainstream US-based site, affiliated with the WSJ and The Times); its message is equally relevant here...
As we endeavour to save everyone in banking from their own mistakes we will sacrifice every citizen, every ounce of their wealth, every lifestyle, every dream and hope for their future for the next several decades, if not longer to complete obliteration.
Our country has been co-opted, our rights and freedoms lay destroyed, our wealth being stolen as we stand helpless only able to watch. Anyone who does not believe this will wake up some morning penniless and hungry to abruptly discover that they are surplus state property of no value.
OldYeller 8 hours ago
http://www.marketwatch.com/story/treasury-lifts-cap-on-aid-to-fannie-freddie-wsj-2009-12-25
+27 Votes (27 Up / 0 Dn)
2. devo said...
If you disagree with the above, speak up; let's start a debate.
3. devo said...
Silly me; everyone is queueing for the NEXT sale.
4. devo said...
Out of the $2.22 trillion in expected 2010 issuance, $200 billion will be absorbed by the Fed while QE continues through March.
Then the US is on its own: $2.06 trillion will have to find non-Fed originating demand.
To sum up: $200 billion in 2009; $2.1 trillion in 2010. Good luck.
clever financiers like (in order of merit), freetrader, 51ck, spivtastic, noel, particleman techieman etc. may want to comment on this; either here or on the forum - I don't really mind
5. rumble said...
NEXT queue is really long!
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Sent from my Blackberry
6. devo said...
NEXT closed an hour earlier than advertised on christmas eve
it really was most inconvenient. why oh why must we tolerate this shodddy level of service?
7. p. doff said...
Yeah. I've just had a phone call from Mrs Doff to say she is stuck in a queue at Next checkout, messing up our boxing day plans. Pahhh! shoddy service indeed.
8. devo said...
not to mention the frustration of seeing items you paid top dollar for with 50% off two days later.
I suggest moving Christmas Day to the 27th, which should resolve the problem
9. rumble said...
I didn't shop before christmas, and i won't be shopping after it!
10. tyrellcorporation said...
I shopped today; some BodyBuilder 2000 protein drink was half price at H&B. I'll be using this to build my muscles for the coming armageddon. ;)