Fannie-Mae
Citigroup is back from the Dead – for now
It was another Sunday night rescue for the folks at the U.S. Treasury, the Federal Reserve and the newest addition to the cast of the Wall Street crisis and financial bailout drama, the Federal Deposit Insurance Corp. (FDIC). This time the dynamic trio swooped in to arrange a bailout of Citigroup, the struggling U.S. banking [...]
Hank to the Rescue
Treasury Secretary Hank Paulson mounted his white stallion
named “Sucker” and rode to the rescue of central banks from
Berlin to Beijing on Sunday morning by placing US mortgage
giants Fannie Mae and Freddie Mac under direct government
control. The implied government guarantee of their debt has
now been made quite explicit. This means that shareholders
will be practically wiped [...]
New Home Sales Hit 7 Year Low
New home sales cratered 8.3 percent last month to a seven-year, and the median sales price of an American castle dropped by 7.5 percent, representing the largest decline in 37 years.
More alarmingly, new home sales are off 21.2 percent over the past year. As for the scary drop in the median sales price, this would [...]
Pending Home Sales Plunge
More bad news emerged on Wednesday from the beleaguered housing market. The National Association of Realtors reported that pending sales of existing homes collapsed by 12.2 percent in July. The Pending Home Sales Index, as it is known, is based on actual contracts signed, and it swooned to register 89.9- the lowest level since September [...]
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