"Keeping families in their homes is a matter of great importance to the Federal Reserve," said Kroszner, one of the Fed board members who has taken the lead in dealing with the current mortgage crisis.This lovely quote from a Yahoo Business story.
No, here is the Fed's Mission:
The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.
Today, the Federal Reserve’s duties fall into four general areas:
• conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates
• supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers
• maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
• providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
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Anybody see anything about "keeping families in their homes?"
13 comments:
first and no it's no their job to keep people in their homes!
http://www.redfin.com/stingray/do/printable-listing?listing-id=1100529
Ouch!
Sold 9/06 $1,115,000
Listed by bank now $775,900
Has it started?
Nope, it hasn't started yet. The last of the inertia is just now dissapating. Single instances are too fraught with special instances. The Redfin listing could be like 410 Avocado and a problem. Even simplier this could be the 1st mortgage with the second already wiped out. We need more examples before we can say for sure. We know for sure it is starting but unlike the cheerleaders we can wait for confirmation.
Screw those families! Get them out of MY houses that I will by with MY dollars that your job is to protect the value of. Anything else keep your freaking nose out of!
If they want a roof over their over-leveraged heads thats fine....I will rent to them.
Oh and as I have mentioned on many occasions before, Sushi, and precisely the type with avocado, is MURST!
Real estate moves slllooowwwwwww. It took a couple of years for the reality of the '04 and '05 sub prime mbs tranches to move the market. 2006 tranches havn't even converted yet. I wouldn't even bother checking for a potential bottom until the end of '08 or beginning of '09. By that time a bottom may be within pissing distance. And maybe not.
Whenever the bottom happens, we'll be in a trough for yet another year or so before appreciation starts again. Bottom line - it's a long way from over, and if your content to wait for the next upturn instead of timing the exact bottom, you will not have to ponder and guess - you'll know this correction is over.
Sounds more and more like communist homeownership.
Everybody has the right to it. Just like anybody has the right to a shi&&y job, a shi&&y car and their ration of food, everybody gets to be a homeowner. What's next? The universal right to own a vacation home, speed boat and a golf club membership? Now it is unacceptable to be renting a place instead of owning it?
I am all for universal healthcare, but there are limits to providing a social safety net.
Markets in itsallgood™ mode again. Investment banks probably using low-volume days like last Friday and today to pump up the markets so that retail investors don't ask for redemptions out of hedge funds and mutual funds.
It's insane, but it does make for a nice exit point for those of us paying attention. Thank you Wall Street, here I was thinking that the gains in my gold position had been wiped out, but now it's looking like a solid profit.
My long position in GS, initiated at $168, is making a move. Time to bump the stop from $170 to $178.
Be ready to short AAPL on news of the GPhone.
CW to can 10,000 per nationalmorgagenews.com
I bet the stock moves up big the next few days?
Most of what is coming from the FED and other government agencies is just talk. Keep the people in "their" houses, at least for awhile. Don't want a panic where everyone heads to the exits at the same time. Maybe a few can be saved, others can be prolonged but many are just screwed.
Avocado is about as relevant to real sushi as a Vietnamese spring roll!
Tokyo linky can be found in my NSFW Zillow Book blog of free porn and stuff. I'd sure like her opinion on avocado in f-ing sushi!
We're still at the precipace of this housing debacle.
As many have stated, 2005 was pretty much the peak. And like clockwork, the subprime problems began this year in 2007, two years later. Why? Because the terms of standard subprimes run in the 2/28 cycle. Two years of the lower teaser rate followed by a reset afterwards. Now Alt-As have longer terms. The standard Alt-A is a 3/27, with other variants such as the 5/25 and 7/23. So as we get close to the end of this year and beginning of next year, that's when the true fireworks start. The number of loans in the Alt-A (and prime) categories absolutely dwarfs the number in the subprime category. We are looking at several years of downward pressure in housing before we find a bottom. I'm guessing it will be 2010-2011 before things begin to bottom out.
The other wild card are the baby boomers. They start retiring in 2009. A full 30% have no savings, with them majority of their wealth tied up in real estate. Ergo, more inventory. :-)
So for those that are patient, in 3-4 years time once the dust settles, those with high credit scores and large cash reserves for down payments will be VERY sought after by the lending industry.
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