Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: Mannie who wrote (688)	6/25/2002 1:20:41 PM
From: Jim Willie CB	Read Replies (3) of 89467

read some scarey stuff on FannyMae recently I was truly shocked to learn that FM does not have protection against rising mortgage rates they were described as a larger version of LongTermCapMgmt with highly leveraged mortgage-backed securities and no hedging against higher rates, period a derivative blowup waiting on the highrate horizon unbelievable if they fall, and JPMorgan falls, then we have a monstrous situation on our hands wrt mortgage business and real estate generally the conclusion of the editorial was that FM failure could result in 1% higher mortgage rates just from lost liquidity within the lending business I still expect at least one bankruptcy among JPMorgan, Citibank, GoldSachs I am starting to deeply hope and wish for GS bankruptcy some justice to Rubin's gang and AbbyJo's whorehouse a separate article pointed out that the founders and owners as recently as 1990 are all sold out of JPM, Citi, GS the holders of the bag now are shareholders the big three now represent Federal Reserve toolmen each is a shell of its original corporation, in purpose, in mission, in ethics unfortunately, I expect these failures to receive federal bailouts coming before 2004 / jim

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