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Strategies & Market Trends : Stocks Crossing The 13 Week Moving Average <$10.01
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To: tsigprofit who wrote (12211)3/11/2003 12:00:36 PM
From: Bucky Katt   of 13094
 
Move along, nothing to see here:
From Prudent Bear.

Fannie Mae was smacked for almost 7% after the president of the St. Louis Fed worried aloud about the capital adequacy of Fannie and Freddie. Freddie Mac sank about 6%. According to William Poole, the companies might not have enough capital to weather a bigtime financial shock, and could even threaten the US economy. Fannie countered that such remarks ignored its regulatory structure, capital needs and business model.

In a recent UPI story, economics correspondent Ian Campbell explains where all the spending has come from – according to Greenspan. The Fed chief counts cash out from mortgage refis as well as windfalls by folks selling their homes with big gains. The Fed calculates that there was a "a net increase of approximately $350 billion in debt on the homes that turned over last year." According to Greenspan, home sellers got that money and spent a lot of it. The third source of spending money came from home equity financing. Adding all three sources, the Fed gets "the amount of previously built-up equity extracted from owner-occupied homes last year, net of fees and taxes, totaled $700 billion ... or more than 10 percent of estimated equity at the beginning of the year." Campbell notes that the number is as large as Bush's 10-year stimulus plan -- and all of it entering the economy in one year. It was fun while it lasted.
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