Feds
Order Fannie to Forfeit Gains An
Open Letter to the US Dollar Dollar
Defies Greenspan Fix Fannie,
Freddie Loan Cap to Rise in 2005 EDITOR'S
COMMENTS When I read Mr. Noland's Open Letter essay noted above, I about fell out of my chair when I read his use of the term Global Wildcat Finance. [Yep, I know he's used it before! -- reminds me of the wildcat bank days in the early 1800s!] Earlier in the essay, Mr. Noland notes: Bank Credit has expanded $459.3 billion during the first 46 weeks of the year, or 8.3% annualized. Wow! In Mr. Felsenthal's Fannie, Freddie Loan Cap to Rise in 2005, we have the observation that home prices in the good ole USA increased 8.5% over the past year: "The cap on a mortgage the two government-sponsored enterprises can buy was raised to $359,650 from $333,700 following a report that the average U.S. single-family home price surged in October by 8.5 percent to $264,540 from $243,756 in the same month a year ago. Low mortgage rates fueled record home sales and strong house price appreciation in most regions of the country, according to a Federal Housing Finance Board survey." Wow! From the AP in Feds Order Fannie to Forfeit Gains: "Last month, a U.S. District Court in Charlotte, N.C., in a sealed ruling, ordered Fannie to forfeit $6.5 million in "criminally derived" gains received from McLean's First Beneficial Mortgage Co." Wow! $6.5 Million Criminally Derived is a pretty good heist, ain't it? In Mr. Pressman's Dollar Defies Greenspan Fix, the phrase "there's been a little complication with the dollar's complications" is absolutely marvelous for those who may find themselves in a liquidity crunch. If we get too many FRNs [some call 'em US$s] coming back home to roost from Russia, Japan, and China, real estate is going to be a whole new game of monopoly, Folks. Our Readers, can find Mr. Noland's open letter to the Dollar at the end of the Credit Bubble Bulletin link. His charts at the beginning of the essay appear "Headed to the Moon, Alice!" Wow! What a global economic mess at the hands of the central banking cartel. The day may come again when a few pieces of heavy metal may buy a lot of real estate. We are all going to be in for one wild ride on this roller coaster! Just remember, Dear Readers, to hold your hands way up in the air when we do a few loop the loops! Yippee! Ole Bear, Editor © 2004 Ole Bear, Editor, Realty Reality |
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