What the hell is this? My kindergarten drawing of what happened to the mortgage industry and why so many homes are in foreclosure or heading there.
The black dots represent the relative amount of people who have/need a mortgage.
The gray circle represents the size of the pool of available mortgage programs prior to ~August 2007, i.e. [...]
Talking about Wall Streets most recent ‘Black Monday’ over at the Genius Bar…
Blood in the streets folks, watch your step…
The Fannie Mae and Freddie Mac poker game is progressing…their chip stacks have diminished substantially but Freddie appears to be calling in a credit marker from the House…
We’ve seen The Flop…which may have been initiated by the Financial Accounting Standards Board almost 6 months ago.
From yesterdays post:
If I’m reading the table correctly, Fannie and Freddie’s [...]
Fannie Mae and Freddie Mac’s recent Wall Street nose dive is an interesting study in how equity market emotionally charged speculative economics have infected the debt sector. The whole string of events that have brought things to where they are today also resembles a poker game, where no one shows their hand until the very [...]
The Federal Reserve yesterday approved their ‘final rule for home mortgage loans to better protect consumers and facilitate responsible lending‘.
My gut reaction was WTF? The perpetual circle jerk just picked up a fat bottle of lube…this is besides the fact that the Final Rule reportedly doesn’t go into effect for another 14 months…Huh, what? I [...]