Relevant:
- Swiss UBS paying $885M to settle US claims over sales of mortgage bonds to Fannie, Freddie
- Big Spending at Fannie, Freddie Should End, Watchdog Says
- Foreclosure Fraud North by Northwest with Attorney Shawn Newman, A Mandelman Matters Podcast
- Another Government 'Sneaky Pete' Move; So Much for Openness at Fannie and Freddie
- MI Politicos Turn Blind Eye To Illegal Fannie & Freddie Foreclosures
2008-06-25 — ml-implode.com
Now, the big guns have come out to weigh in. Today, Bloomberg released a detailed story on just how little demand there is for these products and how Fannie and Freddie are actually spending their new-found expanded capacity buying their own mortgage securities. This was supposed to go into the front lines of the housing crisis. This wasn’t part of the deal.
It is apparent that Fannie and Freddie and those who approved these new provisions are only concerned with saving their own skins and those that own their bonds such as Bill Gross (who basically called for a self-interested bail-out a few months ago). Pumping $10s of billions into the agency MBS market may also provide false support and marks on agency MBS prices.
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