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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Terry Whitman who wrote (9920)9/9/2008 8:14:06 AM
From: Hawkmoon1 Recommendation  Read Replies (1) of 33421
 
The Feds are taking over the mortgage business.. Never thought I'd see the day capitalism truly threw in the towel, but I think we may have just witnessed it.

Hmm.. well.. FDR and Congress created Fannie Mae in '38 to create "liquidity" for mortgages and it's been a "too big to fail" organization ever since. It has controlled the secondary mortgage markets since that period.

So it strikes me that the Feds took over the mortgage business then.. We just didn't realize it until the other day..

So eventually downsizing and privatizing many of the assets held in the GSEs is probably an counter-socialist action, so long as their portfolios are reduced as supposedly required.

But I can understand your sentiments. What you should be more afraid of is the concept of covered bonds. That one has me worried.

Hawk
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