Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Knighty Tin who wrote (9216)	7/14/2004 11:08:14 AM
From: mishedlo	Read Replies (1) of 116555

FNM There is a really good article on FNM in Minyanville today. Quite long. Impossible to snip and no time to paraphrase it all right now. Some of the article came out of congression testimopny so perhaps I will come across it. Bottom line FNM gets preferred rates as if they were govt backed but they are not If they had to pay normal rates their company would be essentially worthless They need to expand credit to stay alive They need rising housing prices to justify its expanding balance sheet FNM is the biggest issuer of corporate bonds in history. All credit cycles end with the default of the largest borrower.

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