The Treasury Department said Thursday it removed the $400-billion financial cap on the money it will provide to keep the companies afloat. Already, taxpayers have shelled out $111 billion to the pair, and most analysts hadn’t expected the companies to hit the limit. – AP/Freep1
Interesting something that Secret Santa Tim Geithner left in Fannie & Freddie’s stocking overnight — an explicit guarantee.
Now would you please stop with the historic economic moves so I can turn over and go back to sleep?
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[1]: "Treasury lifts cap on aid to Fannie Mae, Freddie Mac", by J.W. Elphinstone, AP / Detroit Free Press, December 25, 2009.
First of all – Merry Christmas to all this morning. . .but especially Freddie and Fannie!. . .don’t you just love the timing – 4pm on Christmas even, Tim dumps this news. . .does he think EVERYONE is out shopping?. . .well. . .if you can’t beat them, join them. . .I’m putting in an order for now government backed Mortgage Bonds on Sunday evening!. . .what’s not to like, a government guarantee and great interest. . .
Maybe they can kick the can down the road till 2012 elections.
Merry Christmas to all.
For a little reading that will make you all warm and fuzzy inside try this
http://www.zerohedge.com/sites/default/files/Sprott%20December.pdf
Many thanks to Twist and John for keeping us all up to date on the housing market (or lack there of).