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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (1679)	3/10/2004 11:36:07 AM
From: Jim Fleming	Read Replies (3) \| Respond to of 116555

mish re FNMA paper Institutional investors have always been well aware that FNM/FRE securities are not backed by "the full faith and credit" of the U.S. Snow obviously does not have a clue about where he is going with these comments. There may be a potential problem with the size of derivative operations at the GSE's but these are smart guys with the tools and knowledge to handle it. The quickest way to destroy the mortgage and financial markets in the USA is to let ignorant, unchecked, political power get involved. This flap is nothing new, Congress has been trying to screw up the competitive presence of the GSE's for over 40 years. Rubin and Summers would have taken care of any potential problem quietly. Jim