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 (1313 views)
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10 Comments

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)

Friday, December 25, 2009 11:20PM Report Comment
 

2. devo said...

If you disagree with the above, speak up; let's start a debate.

Friday, December 25, 2009 11:24PM Report Comment
 

3. devo said...

Silly me; everyone is queueing for the NEXT sale.

Friday, December 25, 2009 11:49PM Report Comment
 

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

Saturday, December 26, 2009 12:27AM Report Comment
 

5. rumble said...

NEXT queue is really long!

------------------------------------
Sent from my Blackberry

Saturday, December 26, 2009 03:08AM Report Comment
 

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?

Saturday, December 26, 2009 09:26AM Report Comment
 

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.

Saturday, December 26, 2009 10:02AM Report Comment
 

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

Saturday, December 26, 2009 10:13AM Report Comment
 

9. rumble said...

I didn't shop before christmas, and i won't be shopping after it!

Saturday, December 26, 2009 11:45AM Report Comment
 

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. ;)

Saturday, December 26, 2009 02:59PM Report Comment
 

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