<http://market-ticker.denninger.net/archives/1303-Ok,-What-Arent-We-Being-To ld.html> http://market-ticker.denninger.net/archives/1303-Ok,-What-Arent-We-Being-Tol d.html
Ok, What Aren't We Being Told? by Karl Denninger Thursday, August 6. 2009 Hmmmm.... <http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTCcF_8vukHY> Lockhart, director of the Federal Housing Finance Agency, said yesterday he plans to leave the agency this month and return to business. The Treasury Department has committed as much as $400 billion to keep the two companies afloat while President Barack Obama's policy makers figure out how to restructure their operations. Among options under consideration are turning them into public utilities, liquidation or separating them into a "good bank" of strong assets and a "bad bank" of weak ones. Let's see.... Deutche Bank says that nearly half of all mortgages, including prime ones, will be underwater by 2011. Fannie and Freddie's "performance" has been going bad at a parabolic rate. And while the default rate is (so far) relatively small numerically, the fact remains that the rate of change is parabolic to the upside and these firms are carrying leverage well in excess of 80:1 and have been consuming bailout funds like a voracious bonfire. During Lockhart's tenure, Fannie Mae and Freddie Mac, which buy mortgages from lenders, posted $150 billion in combined losses as the housing market plummeted, leading to their takeover by the government in September. They have received $84.9 billion in federal aid since November, which Lockhart said last month they won't be able to repay in full. "Everybody that was involved in the mortgage markets regrets that we didn't see how bad things were going to get," Lockhart said in an interview yesterday. Let's see, $150 billion in "private" capital down the hole, another $85 billion out of the $400 billion consumed, there is no expectation that the $85 will be repaid in full and the default rate is continuing to ramp on a parabolic basis..... I have to wonder - is this about to happen? h by the way, that's a $5.4 trillion dollar bomb they're sitting on, and if we see an explosion some time in the next couple of months don't be surprised. These sorts of "departures" are rarely a coincidence. Remember the lessons of the October crash: The money to make a better life, to serve the common good, has always been there. But it has been kept from you by deceit, by dogma, by greed, and by the ambition of those who have sold their souls, and betrayed their brothers and sisters, their fellow human creatures, for the sake of privilege and power. *** exposing the hidden truth for further educational research only *** CAVEAT LECTOR *** In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. NOTE: Some links may require cut and paste into your Internet Browser. Please check <http://tinyurl.com/33c9yr> http://tinyurl.com/33c9yr for more real news posts and support the truth! (sorry but don't have time to email all posts) free book download: <http://www.lulu.com/content/165077> http://www.lulu.com/content/165077 *** Revealing the hidden Truth For Educational & Further Research Purposes only. *** NOTICE: Due to Presidential Executive Orders, the National Security Agency (NSA) may have read emails without warning, warrant, or notice. They may do this without any judicial or legislative oversight. You have no recourse, nor protection.......... IF anyone other than the addressee of this e-mail is reading it, you are in violation of the 1st & 4th Amendments to the Constitution of the United States. Patriot Act 5 & H.R. 1955 Disclaimer Notice: This post & all my past & future posts represent parody & satire & are all intended for entertainment and amusement only. To be removed from the weekly list, please reply with the subject line "REMOVE" --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "total_truth_sciences" group. To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/total_truth_sciences -~----------~----~----~----~------~----~------~--~---
