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by Phoenix Capital Research
Since the Financial Crisis erupted in 2007, the US Federal Reserve has engaged in dozens of interventions/ bailouts to try and prop up the financial system. Now, I realize that everyone knows the Fed is “printing money.” However, when you look at the list of bailouts/ money pumps it’s absolutely staggering how much money the Fed has thrown around.
Here’s a recap of some of the larger Fed [...] by Phoenix Capital Research
With QE 3 and QE 4 firmly in place and the Fed’s balance sheet over $3 trillion, Idecided to go back and count the recap the Fed/Feds’ interventions since the Great Crisis began in 2007.
Here’s a recap of some of the larger moves made during the Crisis:
Cutting interest rates from 5.25-0.25% (Sept ’07-today). by Phoenix Capital Research
Since the Financial Crisis erupted in 2007, the US Federal Reserve has engaged in dozens of interventions/ bailouts to try and prop up the financial system. Now, I realize that everyone knows the Fed is “printing money.” However, when you look at the list of bailouts/ money pumps it’s absolutely staggering how much money the Fed has thrown around. Here’s a recap of some of the larger Fed [...] WASHINGTON – A government report finds median pay for nearly 2,000 senior managers at government-controlled Fannie Mae and Freddie Mac exceeded $200,000 last year. The Federal Housing Finance Agency, which oversees the two mortgage giants, also did an inadequate job monitoring pay, according to the report released Monday from the inspector general for the FHFA. The median figure means that half the managers received salaries above $200,000 and half received less. Those managers represent [...] by Phoenix Capital Research
Since the Financial Crisis erupted in 2007, the US Federal Reserve has engaged in dozens of interventions/ bailouts to try and prop up the financial system. Now, I realize that everyone knows the Fed is “printing money.” However, when you look at the list of bailouts/ money pumps it’s absolutely staggering how much money the Fed has thrown around. Here’s a recap of some of the larger Fed [...] by Phoenix Capital Research
Since the Great Crisis began in 2007 the Fed/ Feds have done the following:
Cutting interest rates from 5.25-0.25% (Sept ’07-today). Now that the Fed has engaged in QE 3 (which is essentially QE infinite since it’s meant to run until things get where the Fed wants them), I decided to go back and count the recap the Fed/Feds’ interventions since the Great Crisis began in 2007. Here’s a recap of some of the larger moves made during the Crisis: Cutting interest rates from 5.25-0.25% (Sept ’07-today). Only half of the previously foreclosed homes owned by Fannie Maeare either on the market or being prepared for sale. The remaining properties are currently locked away in some step of the foreclosure system. The National Association of Realtors said in its existing home sales report Wednesday that its officials were pressuring government agencies to release more of their REO in markets short of inventory. Many market participants long claimed the government – including Fannie, Freddie Mac and the Department [...] Obama’s new re-fi plan a gamechanger? (New program for borrowers who are current on their mortgages)Jim Pethokoukis thinks it might be, but I’m not so sure. As described by Barack Obama, the program is a significant expansion of a couple of programs that so far had been limited to Fannie/Freddie-backed mortgages. CNBC explains that the new initiative will now promote refinancing for mortgages no matter if backed by one of the two troubled GSEs or not, but with “precious few details” on hand, much of the program remains [...] (Reuters) – The regulator for Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) told lawmakers that forcing the two mortgage firms to write down loan principal would require more than $100 billion in fresh taxpayer funds. In a letter sent on Friday to the Republican and Democratic leaders of a U.S. House of Representatives government oversight panel, the Federal Housing Finance Agency explained why it has long opposed principal reductions for borrowers [...] Washington’s Blog Eric Holder and Head of DOJ’s Criminal Division Were Partners for a Firm Which Used to Represent the Big Banks, Fannie, Freddie and MERS Obama’s Department of Justice isn’t prosecuting any big fish. Indeed, the Obama administration is prosecuting fewer financial crimes than Ronald Reagan, George W. Bush, George H.W. Bush or Bill Clinton. This is true even though the big banks – such as Bank of America, Citigroup, JP Morgan and Wells Fargo – committed [...] By Mark Felsenthal and Margaret Chadbourn WASHINGTON | Wed Jan 4, 2012 7:41pm EST The U.S. government-run mortgagefinance firms Fannie Mae and Freddie Mac could play a bigger role in turning around the battered U.S. housing market, the Federal Reserve told Congress, a call that looks set to run into stiff political opposition. The Fed, in a paper sent to lawmakers on Wednesday, outlined an array of steps that could be taken to help the housing sector, including [...] If it were marked to market you would see deflation and a much stronger dollar due to their relative scarcity. Our government is proping assets by adsorbing and backstopping them via bailouts, TARPs, TALFs, Fannie/Freddie, market interventions etc. By adsorbing assets and stimulating the Fed is hoping to tread water while banks recapitalize. By doing so while also maintaining artificially low interest rates on treasuries it puts the currency at [...] Just headlines: Spanish jobless rate soars to near 15-year high By Lorraine Woellert and Clea Benson BusinessWeek The number of homes listed for sale by Fannie Mae, Freddie Mac, and the Federal Housing Administration on Aug. 29, 2011: 89,819 For sale or rent by distressed owner: 248,000 homes. That’s how many residential properties the U.S. government now has in its possession, the result of record numbers of people defaulting on government-backed mortgages. Washington is sitting on nearly [...] Rochdale Securities Dick Bove speak to Bloomberg TV’s Margaret Brennan this morning about the FHA potentially filing a lawsuit against more than a dozen large banks for misrepresenting the quality of mortgage securities sold at the height of the housing bubble.
Bove also speaks about his conviction on Bank of America.
**MANDATORY CREDIT: BLOOMBERG TELEVISION**
On the possible price tag attached to this law suit:
“The price tag is unlimited. Basically, we can [...] by ZH The FHFA filing an objection to the Bank of America settlement? Forget about it. After all should BAC implode upon having to fund another $50 billion in mortgage putback claims, and Countrywide have to be spun off and nationalized, it would simply mean that more capital would flow away from the already insolvent GSEs and to a totally new branch of taxpayer funded RMBS. [...] Over the weekend it was announced that the European Emergency fund may not be large enough to bailout all of the country’s who are bankrupt in Europe. This is really not a surprise. Back in 2010 when the bailout fund was first announced I said it would prove to be another “Paulson’s bazooka” effort (in reference to Hank Paulson’s 2008 claim that a blank check to [...] (CNSNews.com) – The Congressional Budget Office (CBO) says the real cost of the federal government guaranteeing the business of failed mortgage giants Fannie Mae and Freddie Mac is $317 billion — not the $130 billion normally claimed by the Obama administration. In a report delivered to the House Budget Committee on June 2, the CBO said a “fair value” accounting of guaranteeing the two defunct mortgage [...] Fannie Mae and Freddie Mac showed few signs of financial improvement in the first quarter and more evidence of their fragility and reliance on home prices, analysts said. Still, Freddie reported a profit in the quarter and did not request any funds from the Treasury Department for just the fourth time since it entered conservatorship in 2008. But Anthony Sanders, a real estate finance professor at George Mason University, [...] The United States’ quantitative easing policy did not impact Standard & Poor’s decision to place the sovereign rating on negative outlook, but its conservatorship of Fannie Mae and Freddie Mac certainly did. One of the pressures on the credit is analysts’ estimate that it could cost the U.S. government up to “3.5% of GDP to appropriately capitalize and relaunch Fannie Mae and Freddie Mac” in addition to the 1% of GDP [...] via MSNBC: Regulators have approved generous executive compensation at Fannie Mae and Freddie Mac, the taxpayer-backed mortgage finance giants, with little scrutiny or analysis, according to a report published Thursday by the inspector general of the Federal Housing Finance Agency. The companies, whose fates are to be decided by Congress this year, paid a combined $17 million to their chief executives in 2009 and 2010, the two [...] (Reuters) – A key Republican in the House of Representatives on Thursday said he would try for the third time to eliminate mortgage finance giants Fannie Mae and Freddie Mac within five years. “We have waited for years to do something. It is time to start doing something,” Texas Representative Jeb Hensarling, the fourth ranking House Republican, said in an interview with a small group [...] by Jim Quinn of The Burning Platform Dude, Where’s My Job The storyline being sold to the American public by the White House and the corporate mainstream media is that the economy is growing, jobs are being created, corporations are generating record profits, consumers are spending and all will be well in 2011. The 2% payroll tax cut, stolen from future generations to be spent in 2011, will jumpstart [...] by DavidRicardo From Wikipedia “A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. The Ponzi scheme usually entices new investors by offering returns other investments cannot guarantee, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme [...] by Saxplayer00o1 1) State unemployment benefits fund billions in debt (California) “California’s now-resolved $19 billion budget shortfall got plenty of attention in recent months, but a state report released Wednesday highlights the state’s other massive deficit – in the unemployment insurance fund, which will be $10.3 billion in the hole by year’s end. The report by the nonpartisan Legislative Analyst’s Office warns of dire consequences if California’s leaders do [...] by black swan Remember what happened just before Fannie and Freddie were taken over by the Federal Government in 2008, PIMCO loaded up on F/F MBS at huge discounts, after already having the insider knowledge that the Government would make mortgages whole when default became an issue. Flash forward to August of this year, and PIMCO’s Bill Gross is calling for the Federal Government, which already owns 80% of Fannie and Freddie, [...] by Wotan Took me a while to digest it, but it was worth it. Dear Sirs and Madams; I’ve read your impassioned letter to Ben Bernanke, Eric Holder and Comptroller Walsh. You have good intentions, but you miss the point. The excuses we have heard from financial institutions are simply not credible three years into this crisis. People in our districts are hurting. We have tried to help them in the face [...] Is A 90 Day “Mortgage Meltdown” Foreclosure Moratorium Imminent As The RoboSigning Scandal Goes Mainstream? Submitted by Tyler Durden on 10/04/2010 19:59 -0500 “The Massive Mortgage Mess as we affectionately call it seems to be getting new names with each passing day – the latest one is, quite appropriately, RoboSigning Scandal (funny how after the stock market, “robotic” technology will soon becoming equated with the biggest mortgage scam in history). During today’s [...] by Boca Joe JPMorgan Chase is the latest firm to suspend actions against homeowners in foreclosure — putting the brakes on 56,000 cases nationwide — but South Florida attorneys and mortgage industry executives expect other major lenders to follow. They say the slip-shod handling of mortgage documents, uncovered in several South Florida cases, has been standard practice among firms that process and file mortgage cases. Some are calling for federal intervention to [...] |
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