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Unlimited Support for GSEs? Government Doesn't Have a Clue [View article]
Housing credit is too important to be left to the free markets to price.
In elected democracies home values determine social and class structure, wealth distributions and (of course) the constitution of the elected bodies of government.
The Government will just absorb FNMA and FRE and roll them into GNMA and the FHA to provide credit guarantees for mortgage origination with the sovereign taxpayer backstop.
Taxpayers expect stability first and foremost.
This is much less controversial than it sounds, cheap at the price and may even generate near term revenue--something the Treasury needs badly.
Liberals and Conservatives Agree: Proposed Oversight Bill Will Make Things Worse [View article]
Visit losses on bondholders and creditors OF ANY TYPE and bank credit will seize up again.
LIBOR OIS will go back to the 500BP March wides.
Put that in your "V shaped recovery" pipe and smoke it...