August 17, 2010. Tags: Barbra Streisand, Donna Summer, Twofer Tuesday. Celebrities, Entertainment, Music, Obama Administration, Popular Culture. Comments off.
here’s hopin’ Blago gets off, it would be worth it just to see O and Shep Smith get pixxed….
August 17, 2010. Tags: Blago verdict, Chicago Politics, Gov. Rod Blagojevich, Rod Blagojevich. Celebrities, Obama Administration, Politics, Popular Culture. Comments off.
10:39am EST- Geithner panel done, Donovan panel beginning.
In fact, Gross urged a move one step further, with the full nationalization of the GSEs – as the GSEs are nationalized now in all but writing, this would be logical. Alas, the fact that US Debt to GDP would jump from 90% to 140% may make this proposal a little difficult to implement.
It is incredibly obvious, to me anyway, that the plan is to convert all those foreclosures to GSE Section 8 rentals with taxpayer subsidized guarantees and payments. And to think all those people didn’t want to help the homeowners. HA!! Now we will help renters instead. PS I dont see Mark Zandi…..good, he has been WRONG, wrong on the spendulus, wrong on the recovery, wrong, wrong, wrong.
and Bill Gross keeps calling Geithner, Tim, which reminds me of Sen Tester calling Chairman Bernanke, Ben, during the last Humprhey Hawkins testimony. I find it very disconcerting. PRETEND you dont own these people mkay? sheesh.
Update 4: Bill Gross says let me address reality. It is an 11 trillion dollar market and a large place for private entities here is unrealistic.
Pfft! Require housing counseling, etc. Oh here we go BACK TO CRA good grief. As long as everyone gets ‘theirs’ frak the taxpayers right people? Jeebus! Marc says as long as Main St and Back St get covered we are aall good. O..M…G… Main St is PAYING FOR ALL THIS SHXT!!!!!
The government should create an apartment real estate investment trust (REIT) to rent out foreclosed properties — a method that would avoid flooding the housing market with foreclosed properties, a real estate consultant said as President Obama’s “Future of Housing Finance Conference” kicked off Tuesday.
John Burns, CEO of John Burns Real Estate Consulting, said the government-created REIT would be self-sustaining via rental fees. The government-sponsored enterprises, Fannie Mae and Freddie Mac, would hire outside property-management firms to manage the rental properties, Burns said….
ZeroHedge has a nice write up. Geithner is on record indicating the implicit guarantee needs to be explicit, and PIMCO’s Bill Gross is REALLY CLEAR they will NOT be buying any mortgage securities unless we move back to a 30% down model. Since the government will not ‘take the pain’, pain we taxpayers KNOW is ALREADY coming for US BTW, they need to reflate the bubble, so Bill gets what Bill wants, an explicit guarantee…guaranteed!
Tomorrow, a variety of luminaries, such as Bill Gross and Mark Zandi, will be panelists in a worthless and futile spectacle titled “Conference on the Future of Housing Finance ” which has the aim of doing something or another to extend and pretend the ticking timebomb that are the bankrupt GSEs. It will most certainly succeed in that regard. What it will definitely fail at, is to provide some resolution to the $7 trillion mortgage “holding” problem, which incidentally was the first domino to fall in 2008, which just so happened nearly took down western-style capitalism with it (and morbidly, it should have: the result would have been a system infinitely better).
Yet as we prepare for this hearing (and try to track down Mr. Gross’ testimony to validate his previous statement that absent an implicit government guarantee he would buy MBS/Agency securities only with 30% down), here is another view, this one from none other than Edward Pinto, who himself was an executive vice president and chief credit officer at Fannie Mae in the late 1980s. As Pinto says, echoing the previous high dB statements by Rick Santelli, “We’ll never get a rational mortgage system until the government’s affordable housing mandates are ended.” We couldn’t agree more….
• A requirement that issuers of securities meet affordable housing mandates.
This is a dead end for two reasons. First, while supporters of an explicit federal guarantee tell us it will never be called upon, Americans have read this book before and know how it ends….
S.A. Ibrahim, Chief Executive Officer of Radian Group Inc.
Lewis Ranieri, Chairman of Ranieri and Company, Inc.
August 17, 2010. Tags: Bill Gross, Economy, Ed Pinto, Fannie Freddie FHA, Foreclosures, Glee, GSE Conference on the Future of Housing Finance, HOLC, Housing, Mark Zandi, taxpayer bailouts. Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. 1 comment.