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- Fed: Bubble Surgery Must Wait for Perfect Information
- Michael Steinberg submits: Bloomberg’s "Bernanke Says ‘Not Obvious’ Asset Prices Misaligned" and The New York Times’ "Bernanke Worries About Weak Dollar" report that a very Greenspan-like Bernanke spoke before the Economic Club of New York Monday. After acting recklessly over the past year to save the world from depression two,...
- External links 2009-11-17
- Larry Summers and Jeff Immelt: Preparing for a Post-Consumer Economy
- Michael Steinberg submits: The Financial Times interview with the National Economic Council Director “Lunch with the FT: Larry Summers” quotes Summers’ vision: “This new American economy, Summers hopes, will be ‘more export-oriented’ and ‘less consumption-oriented’; ‘more environmentally oriented’ and ‘less energy-production-oriented’; ‘more bio- and software- and civil-engineering-oriented and less financial-engineering-oriented’;...
- External links 2009-07-13
- Should Fannie and Freddie Be Buying or Guaranteeing Investor Mortgages at All?
- Michael Steinberg submits: The Atlanta Journal-Constitution “Real estate investors decry four-loan limit” is reporting that Fannie Mae FNM and Freddie Mac FRE reduced the number of loans they are willing to purchase or guarantee from each investor on December 1 from 10 to 4. The GSEs are worried that small...
- External links 2008-12-09
- Is the Government's Fannie/Freddie Conservatorship Failing?
- Michael Steinberg submits: The Wall Street Journal's “Mortgage Plan Isn't Cutting Rates” summarizes the track record of Fannie Mae FNM and Freddie Mac FRE since the 79.9% solution conservatorship:The conforming 30-year fixed rate mortgage rate rose from 6.34% to 6.64%.GSE five year notes are selling for 1.5% over equivalent treasuries.GSEs...
- External links 2008-10-31
- Why Are Mortgage Rates So High?
- Michael Steinberg submits: The premise of the question, “Why are mortgage rates so high?” is the belief that the spread between mortgage rates and treasuries is too wide based on the historical norm. Realtors are pushing for 4.5% mortgages for both purchasing and refinancing, and builders want rates below 3%...
- External links 2008-12-22
- Fannie and Freddie Shareholders Benefit More than Homeowners
- Michael Steinberg submits: The White House unveiled the “Homeowner Affordability and Stability Plan”, or what I call the Fannie Mae FNM and Freddie Mac FRE status quo plan, this morning. Lucky for me enough details were revealed this morning that I did not have to listen to our overexposed, overly...
- External links 2009-02-19
- Does Obama's Stimulus Plan Pass the 'Prudent Person' Test?
- Michael Steinberg submits: The health insurance industry has a concept in medical underwriting called the prudent person. If a prudent person would have sought medical attention (in the underwriter’s judgment) that could have revealed a preexisting condition basis for rejection, the policy is rescinded. In essence, it is undone. The...
- External links 2009-02-06
- Fed Losing Control of Mortgage Rates
- Michael Steinberg submits: With much fanfare, the Federal Reserve started buying Fannie Mae FNM, Freddie Mac FRE and FHLB debt and MBS. Conforming 30-year mortgages rates dropped to an average 4.96 according to Freddie’s last report. The Fed was hailed for its accomplishment, and predictions came from all corners that...
- External links 2009-01-23
- Mortgage Collateral Bears an Interest Rate Risk
- Michael Steinberg submits: President Obama’s economic pitchman Larry Summers is preaching for every possible way to reflate the economy. Federal Reserve Chairman Bernanke is saying the world can’t be saved until housing prices stabilize. Even Federal Reserve Bank of San Francisco President Janet Yellen warns it’s “not acceptable” to let...
- External links 2009-01-20
- Are Home Prices Still Too High?
- Michael Steinberg submits: The Wall Street Journal, in “Home Prices Declined at Record Pace in October”, reports that the Standard & Poor’s/Case-Shiller home price index fell 2.2% month over month and 18% year over year for October. Some of the metropolitan areas fell more than 30% year over year. Prices...
- External links 2009-01-02
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