I have to admit, my thoughts regarding the latest financial debacles waver from one extreme to the other. My initial instinct is that the markets need to be stabilized, and anything that provides a floor for a stock market in apparent free fall is a good thing.
My next thought is that $700 billion is a [...]
By DJ Durant. Posted Tuesday, Sep 16, 2008 at 5:23 pm Filed Under: Credit, Economy, Featured, Mortgages
As more than a casual observer of the recent economic and business events of the last two weekends, it occurs to me that the age-old adage “Pigs get fat, hogs get slaughtered” applies here. It is truly regrettable that such venerable institutions as Bear Stearns, Merrill Lynch, and Lehman Brothers are no more. Thousands of [...]
By Art Smith. Posted Tuesday, Sep 9, 2008 at 12:00 pm Filed Under: Accountability, Banks, BitsBlog, Economy, Housing, Mortgages, Stocks, TAXES, US Congress
On Sunday I shared some initial thoughts about the Fed take-over of Fannie Mae and Freddie Mac. If you read it, you know I’m not exactly happy about the outcome. My friend Bithead shared some great thoughts Monday, and I don’t disagree that something needed to be done. He and I both agree [...]
By Art Smith. Posted Sunday, Sep 7, 2008 at 8:00 pm Filed Under: Accountability, Banks, Economy, Featured, Housing, Markets, Mortgages, Stocks, TAXES, US Congress
Today US Treasury Secretary Henry Paulson announced plans for the new Federal Housing Finance Agency (FHFA) to take Freddie Mac and Fannie Mae into conservatorship. The power to do this was provided in HR 3221 which was passed in July.
The move includes replacement of the CEO of both organizations, and an infusion of about $200 [...]
By Art Smith. Posted Saturday, Aug 9, 2008 at 6:10 pm Filed Under: Banks, Economy, Housing, Mortgages, US Congress
By now you probably know that both Freddie Mac and Fannie Mae have had very poor quarterly reports. Worse than expected. And now we’re in for worse trouble.
Money is now expected to be tighter as we roll into the fall and home buying will continue to be slow due to the fact rates will be [...]
By Art Smith. Posted Wednesday, Jul 30, 2008 at 1:32 pm Filed Under: 2008 Congressional Election, 2008 Presidential Election, Banks, Economy, FairTax, George W. Bush, Housing, Mortgages, TAXES, US Congress
As expected, President Bush signed HR 3221 into law this morning, making billions of federal dollars available to home owners, shoring up Fannie Mae and Freddie Mac, and providing closer oversight of the financial aspects of home ownership to the Administration and Congress.
What a shame.
After speaking with a good friend of mine that is a [...]
By Art Smith. Posted Monday, Jul 28, 2008 at 6:00 am Filed Under: Economy, Energy, Housing, Mortgages, TAXES, US Congress
In reference to my post on Saturday regarding HR 3221, the “Housing and Economic Recovery Act of 2008″, I discovered a site where there is a copy of the Congressional Budget Office Cost Estimate for HR 3221. Over the next ten years, according to the estimate, this bill will create a nearly $25 Billion [...]
By Art Smith. Posted Saturday, Jul 26, 2008 at 10:23 pm Filed Under: Economy, Energy, FairTax, Featured, George W. Bush, Housing, IRS, Military, Mortgages, Nancy Pelosi, Swamp Stompers, TAXES, US Congress
Well, it took almost 3 months, but Congress finally passed the bill today, on older version of which was passed by the House in May, after some considerable back and forth between the Senate and the House. The bill is HR 3221 (pdf), titled: “Housing and Economic Recovery Act of 2008″.
The entire bill is over [...]
By DJ Durant. Posted Monday, Jul 14, 2008 at 10:01 am Filed Under: Banks, Mortgages
I’m always amazed at the hubris of politicians, although, one would think at this point in my life that I really shouldn’t be amazed at all.
On Friday of last week, Federal Regulators seized IndyMac Bancorp, a $40 billion thrift. It appears that letters sent by Sen. Schumer to federal agencies in June and made public [...]
It’s so easy to get away with things. Right in front of everyone. No one seriously does anything about it. We’ve seen it with Obama, Clinton, Clinton, and today, with Chris Dodd.
I don’t know why I keep thinking that people like Dodd are respectable and of high integrity. When Countrywide gave him a great, no [...]
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