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Realistbear

Scam On A Catastrophic Level May Be Brewing In U S

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http://www.signonsandiego.com/news/busines...-fanniemae.html

This may increase the deflationary rate of HPI in the US with ramifications for the UK.

4:38 p.m. January 27, 2006
WASHINGTON – The New York Stock Exchange is allowing Fannie Mae's stock to continue to trade despite the embattled mortgage giant's failure to file its annual report on time, the company said Friday.
The NYSE has officially classified Fannie Mae as a late filer and could if it wished delist the stock of the government-sponsored company, which is struggling to untangle its accounting in an $11 billion scandal. The company, which
finances one of every five home-mortgage loans in the United States
, hasn't filed an earnings report since late 2004. Its latest annual report was due in March 2005.

If this VI goes down . . . . .

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http://www.signonsandiego.com/news/busines...-fanniemae.html

This may increase the deflationary rate of HPI in the US with ramifications for the UK.

4:38 p.m. January 27, 2006
WASHINGTON – The New York Stock Exchange is allowing Fannie Mae's stock to continue to trade despite the embattled mortgage giant's failure to file its annual report on time, the company said Friday.
The NYSE has officially classified Fannie Mae as a late filer and could if it wished delist the stock of the government-sponsored company, which is struggling to untangle its accounting in an $11 billion scandal. The company, which
finances one of every five home-mortgage loans in the United States
, hasn't filed an earnings report since late 2004. Its latest annual report was due in March 2005.

If this VI goes down . . . . .

Jesus...this could be a scandal/economic disaster as big as the Enron debacle...

BP

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http://www.signonsandiego.com/news/busines...-fanniemae.html

This may increase the deflationary rate of HPI in the US with ramifications for the UK.

4:38 p.m. January 27, 2006
WASHINGTON – The New York Stock Exchange is allowing Fannie Mae's stock to continue to trade despite the embattled mortgage giant's failure to file its annual report on time, the company said Friday.
The NYSE has officially classified Fannie Mae as a late filer and could if it wished delist the stock of the government-sponsored company, which is struggling to untangle its accounting in an $11 billion scandal. The company, which
finances one of every five home-mortgage loans in the United States
, hasn't filed an earnings report since late 2004. Its latest annual report was due in March 2005.

If this VI goes down . . . . .

Perhaps this is a good reason not to have a building society account. Getting a good rate of interest is no use if the building society is sitting on a portfolio of dodgy mortgages (you know the sort I mean, borrowers at 5 times earnings and self certified calculations based on DHS handouts)

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Perhaps this is a good reason not to have a building society account. Getting a good rate of interest is no use if the building society is sitting on a portfolio of dodgy mortgages (you know the sort I mean, borrowers at 5 times earnings and self certified calculations based on DHS handouts)

Building societies? what about banks. I thought Abbey were at that point before Banco Santo? bought them out.

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Excellent explanatory article here:

http://www.fool.com/news/commentary/2004/c...ary04100602.htm

If there is a massive crash and defaults overwhelm Fannie Mae, it has an ace in the whole: your tax dollars. Even though the company's debt offerings clearly state otherwise, the financial markets believe that Fannie Mae's status as a government-sponsored enterprise implies that the government will provide full faith and credit for Fannie's debt. It is for this reason that Fannie Mae maintains a AAA credit rating, even though at a 78:1 debt-to-equity ratio it is levered many times what is allowed international banks. (Debt is defined as mortgages on its books plus the value of its guarantees.)

Fannie is exempt from regulation by the Securities and Exchange Commission (though Fannie Mae has in the last few years begun filing 10-Ks and 10-Qs), it is also exempt from state and local taxes. The U.S. president gets to appoint several board members, and the U.S. Treasury Department approves Fannie Mae's debt issuance. And it has approved and approved and approved. Fannie Mae and Freddie Mac have virtually unlimited access to capital, at funding costs that are below the rates otherwise available on the market

Edited by Baz63

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Building societies? what about banks. I thought Abbey were at that point before Banco Santo? bought them out.

Quite right.

Ditto banks or anyone else in the dodgy mortgage business.

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If this VI goes down . . . . .

I think they simply can't let Fannie Mae collapse, but the costs of shoring it up might be a really bad blow to the economy.

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I think they simply can't let Fannie Mae collapse, but the costs of shoring it up might be a really bad blow to the economy.

What they will do is high some big shot corporate director to replace the big shot corporate directors that have been creaming fees for the expertise in screwing companies into the ground, pay him a million dollars a year and when he has managed to establish pretend stabilisation give him a bonus - and probably all on the US taxpayer.

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This has been brewing for quite some time. I first heard about it on a site called "US Bear Market Commentary" sometime in 2003. Unfortunately that site is no longer being updated but there are still some useful links here http://home.flash.net/~rhmjr/

Also I read about the problems with GM and Ford on that site long before they became widespread knowledge. It's all falling into place slowly.

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This has been brewing for quite some time. I first heard about it on a site called "US Bear Market Commentary" sometime in 2003. Unfortunately that site is no longer being updated but there are still some useful links here http://home.flash.net/~rhmjr/

Also I read about the problems with GM and Ford on that site long before they became widespread knowledge. It's all falling into place slowly.

That may be so.

But Iread this guys "goodbye" page and it seems to be a little bit "conspiritorial".

He may have been right on a few issues but I dont think he's a guru.

Just a comment, thats all.

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Cor Blimey Squire - what a story.

And yes, after everyone in the states were convinced by the major media to invest in Enron, what do we have here? They're doing some dodgy thinks over there - it's nice to know we're not on our own, ha ha. How can we trust the major financial and corporate institutions anymore.

What looks like a duck, smells like a duck and swims like a duck?

Yep, it's a duck, and the market is sitiing like one.

These once in a generation news stories are becoming so frequent it's a little scary to know the financial foundations our lives are built on are so shakey. This kinda news almost weekly just fuels my concerns.

Not a week goes by without another foundation in our society going to the wall.

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That may be so.

But Iread this guys "goodbye" page and it seems to be a little bit "conspiritorial".

He may have been right on a few issues but I dont think he's a guru.

Just a comment, thats all.

Agreed with your comment but 99%+ of the stuff he had on the site was simply copied from elsewhere with the link to the original provided so it wasn't simply his own opinion.

The key focus on that site was the stock market with the notion that the US market reached a real terms peak in 2000 and is set for a decade plus bear market. Despite the recent rally, it's still down seriously in real terms (S&P 500 index) so he's been right so far.

That said, he clearly didn't foresee the real estate boom in the first place. Underestimating the abilties of central banks I assume... :)

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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