The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (24956)	1/19/2005 12:59:46 PM
From: mishedlo	Read Replies (1) of 110194

That way the lenders just got to keep the fees and short term goodies that go along with these Old Maid Cards. The lenders kept the goods and sold the empty bags to FNM. I reported this earlier but will repeat it... FNM was essentially paying origination fees to banks to buy back loans (loans it already had) at less favorable rates. Then they had the "pleasure" of attempting to dynamically hedge all those treasuries and swaps thruout those huge swings in each direction. How is that for a business model? Mish

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