Fannie
Mae Agrees to Accounting Changes Home
Loans May Get Scarce Some
Homeowners Struggle As Real Estate Market Booms Fannie
Mae's Woes May Cost Homebuyers Fannie
Mae Restatement May Be On Tap Fannie
Mae Crisis Raises Concern on Leadership EDITOR'S
COMMENTS Everyone's favorite fudge candy is politically connected inside the Beltway.... ehhh Abbey Road. Mudd misspeaks and Chuckie Chuck Greener corrects him. Raines talks about Enron. A 30% cash reserve? Restatement of earnings and all those accounting footnotes in the works -- but, how far back? All the way back to FIRREA 1989 and the Savings and Loan Bailout, perhaps? The monetary policy of 100% homeownership is a pipe dream. It just doesn't work in the real world. Who would be left to rent all those townhouses, flats, apartments, duplexes, 4-plexes, and 8-plexes spread across the American Landscape? Nope, it won't be all those illegal aliens Big Government lets into the country, because Big Government is using the principles of social capital to put the illegals in homes, also. The woes at Fannie Mae, our favorite fudge candy, are just the tip of the iceberg [debtberg]. Merely cleaning up the GSEs will not solve all of the financial ills in the real estate markets [micro and macro] -- but it probably is a great place to start before the Big Boys on Wall Street have to be bailed out by the FED as a lender of last resort on all those chump change derivatives they are counter-party to in the mortgage backed security sector [GSEs]... 100% home loans add to the massive debtberg the consumer finds himself in. Combine that with 125% to 150% home-equity loans, folks living on credit cards just to make ends meet, ARMs [adjustable rate mortgages] that Mr. Greenspan says saves everybody money creating more wealth, and the banking cartel's death grip and stranglehold on the realty valuation professional -- we have the makings for the biggest real estate collapse since the coin clipping by the Roman Emperors. Ole Bear, Editor © 2004 Realty Reality |
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