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March 10, 2010

Another day, another Trillion or 5. You're on the hook for Fannie/Freddy

Thank you sir may I have another!

...The U.S. government placed Fannie Mae and Freddie Mac in conservatorship in September 2008: "This means that the U.S. Taxpayer now stands behind $5 trillion of GSE debt," according to the Congressional Research Service.

The problem is that $5 trillion of so-called agency paper is not treated as if it is a debt of Uncle Sam for accounting purposes, says Richard Suttmeier, chief market strategist at Niagara International Capital and ValueEngine.com.

"Get it on the balance sheet - that's where it belongs," Suttmeier says. "Add it to the $14.2 trillion in [federal] debt and let's move on."...

Apparently, the final toxic mortgage reckoning has been put on hold until 2012 as well.
...Coincidentally (or not), the FDIC is allowing U.S. banks until 2012 before forcing them to fully write-down bad or toxic loans, which is "another time bomb ticking," Suttmeier says. "They're hoping the public market comes back into the mortgage arena...
Everyone knows unemployed people and those who are scrapping by because they tapped their 401K's, fearful of higher government mandated health care costs, and a raft of other taxes are ready eager and willing to snap up overpriced housing and take on a boatload more debt. Yea, that's the ticket.


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posted by Purp at 10:05 AM

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