Freddie Mac auction draws plenty of biddersJuly 14, 2008 - 5:32pm By STEPHEN BERNARD AP Business Writer
NEW YORK (AP) - Freddie Mac attracted more bidders Monday for a highly anticipated auction of $3 billion in short-term securities than it had nearly all year, a day after the federal government provided support for the mortgage giant.
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The bid-to-cover ratio was 3.73, its highest rate since Jan. 14.
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Aug 19:
Investors took Freddie Mac's sales of $3 billion five-year reference notes positively as foreign investors still showed up to bid on the auction even amid renewed worries over the viability of the federally chartered Fannie Mae and Freddie Mac. Financial weekly Barron's this week reported that a U.S. government bailout of the two mortgage-finance giants is increasingly likely.
Freddie Mac had to jack up yields to entice investors, however. It sold the notes at 113 basis points over comparable Treasurys, the highest premium it has ever offered for a five-year note. The notes yielded 4.172% at sale.
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The appetite for US debt is waning. The last leg of the stool.
15 comments:
First to remind everyone of the Casey Talkcast tonight at 9 pm Eastern.
Will you be calling in Rob?
On topic - Freddie and Fannie have the now explicit guarantee from Uncle Sam.
Question is, does Uncle Sam have enough money to back both should the worst case scenario present itself?
Same reason I don't trust FDIC insurance...at some point, the claims will deplete the assets.
First to remind everyone of the Casey Talkcast tonight at 9 pm Eastern.
Way to leave a link, Nigel. ;-)
Link to the Casey interview tonight is here.
Talkcast cancelled!
Ho Ho Ho - It's Santa Flipper Clause
Rdawg - Correct, the world does not want new US debt. Sooner, rather than later, the printing presses are going to have to be put into hyperdrive.
Santa F. Clause
@ anonymous: Talkcast cancelled!
Wait... Casey Serin welching on a promise??
Surely you jest! :-p
In case Nigel is lurking about somewhere I would like to point out that 6 Degrees of Caset Serin has had 10,604 Unique Visitors so far today. Apparently George W. hate is big in Spain.
Mortgage broker arrested in murder-for-hire plot
By KIMBERLY EDDS
The Orange County Register
A 30-year-old struggling mortgage broker was apparently willing to spend thousands of dollars to have his ex-girlfriend murdered in order to keep custody of their 5-year-old son, authorities said. But the elaborate murder-for-hire plot quickly unraveled when the San Clemente man sealed the deal with an undercover Sheriff's Department investigator – and not a contract killer – he thought he was dealing with.
Dan Villanueva Patino, of San Clemente, was arrested at 3 p.m. Monday on suspicion of solicitation of murder – just four days after Sheriff's investigators from the Special Operations Bureau launched an undercover operation into Patino after being tipped off by another law enforcement agency, said Sheriff's spokesman Jim Amormino.
John McCain doesn't know how many houses he owns.
"Let my staff get back to you on that."
Anybody who spends $4.7 million for a condo in Phoenix is an idiot.
casey is back! see you phat phucks later.
Face it, Bobbo™, the blog is dead unless you revert to the tried-and-true format of "All Casey, All The Time". ;-)
What he really ought to do is keep the blog on its current topic and set up a forum for the Casey stuff. He could use the fishy treat jar money to get it started. Or something.
Where is Rob? Is he getting vein rearrangement surgery again?
Perhaps Rob is making a healthy choice to spend less of his life on his computer.
"a grim autumn for Wall Street and for the American property market."
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/19/cnusecon119.xml
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