Fannie Mae Files Delayed 2006 Annual Report
Submitted by
CalculatedRisk on Thu, 08/16/2007 - 6:51am (42 comments)
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first in bailouts!
An interesting day. A few weeks ago, news like this would have driven the market UP.
Question: Every day bond yields are dropping. Yet mortgage interest rates are not dropping. I can understand that's because there's such a component of risk out there now. I don't know if I'm phrasing this right, but who, if anyone, is making $$ on the spread between the yields and the mortgage interest rates?
But isn't this just status quo?
Now the Dollar at 114 Yen, that's big.
Hedgie pay back time.
I suspect what the Gov't may do is allow freddie and fannie buy up bad mortgage debt and then bail them out. It would serve 2 purposes. It would help bail out the banks and would make the bailout less complicated.
In the end, resposible tax payers would take the brunt of the damage.
WATCH THE 3-MONTH BILL. HISTORY IS BEING MADE. HOPE YOU NEVER SEE IT AGAIN IN YOUR LIFETIME.
so lets see:
3% option
7% I/O
12% Alt-A
22%
so
78% Prime
yet showing losses????
what percent of the 22% are losing?
And they have to hold off on 2006 #'s
I dont get it, but Kudlow et al are asking that fan and fred buy this shit?
exactly, on the 90 day, i learned last night that that is the old school indicator....
sorry forgat the 2.2% SP so that makes 24.2% , what percentage of 24.2 % must go toxic to kill your profit???
Are the margins that short on prime that if all 100% went toxic youd still see losses and yet we see that 30% toxcity of 24.2 or 8% of total notes cause lack of profit..
wonderful...maybe re investments arent what their cracked up to be
An interesting day. A few weeks ago, news like this would have driven the market UP.
Yossarian | 08.16.07 - 10:07 am | #
Most likely because the Stat-Arb choker collar was not yet set to asphyxiate
Approved Home Loans No Longer Done Deals
Approved Home Loans No Longer Done Deals - washingtonpost.com
Sorry for my ignorance, but what's this about a 3-month T-Bill?
instead of watching the 3mo soar, i'd prefer people(accounts) to just ask for cash
correct me if I am wrong but the old timers used to say that the 90 day is the most liquid of liquid...
and that if the yield? ever got below 4 that we would have a crash?
Money from Asian and European selling is being repatriated to US dollars. You are now witnessing one of the most, if not the most, massive movements of funds in US financial history.
...I second the question about the 3M T-bill. Anyone been around long enough to see this happen before? Is this real? 3.4%, and on 1M 3%?
3.5% yield on the 3-month bill.
0_0
--
Fannie and Freddie are the best proof that American-style capitalism is as bad as Soviet-style Communism.
American econo-political system WILL collapse just like the Soviet system. When? Before 2030.
Debt Pushers ARE evildoers. Thru Fannie and Freddie the USG engaged in the evil deed of pushing debt on the population in the name of "helping people realize the American Dream." Disgusting. Only born-and-bred American dupes bought into these evil enterprises. They are helping people realize American Nightmare.
The Greater Depression to begin during 2008-10 and what would follow would be the American Nightmare.
Jas
mp -- do you have links to numbers?
With the Yen up so much today, I think the BoJ might step in again with an infusion to keep the price down. Seems that they may be collaborating with the US central bank to keep things from getting out of control.
Question for the experts:
How do you read this:
Canada money market players see ABCP solution - Yahoo! Canada Finance.
It appears Canadian IBs found solution for ABCPs.
So Fannie 2006 report means they are getting their records in order and will be able to atke on new bailout debt ?
btw, anyone want to guess if this market is going to bounce at some point ? usually selloff are 18-25 days. we are at day 20.
spot on AC
mp- please expand on your comments! the serfs neeed to know more about these 3 mos t-bill happenings- Thanks!
Sorry, but I don't have a lot of time here right now. Look at the markets. Asia, Europe down. Dollar up against damned near everything. 3-mos yield in historic move from 4.63% on Tuesday to 3.49% now. It's not rocket science. Bye.
What is up with the TBill rates???? 3.42% for a 13 week? Excuse me, it's now 3.39%!! It dropped .74% today?
What is going on?????
It's called a stampede to "safety" (assuming the US can keep its obligations and doesn't melt down) Massive buying of treasuries...higher demand, higher prices, lower yields.
are they being sold olr bought in massess or what?
if i remmeber correctly the chinesse started recently to buy a lot of short term tbills instead of long term
mp- thanks- got it- bad moon on the rise- flight to safety....for now
Stampede?? A stampede is a few cows getting together for some exercise. Keeping with the animal analogy, this is more like Chicken Little realizing that the sky has fallen...
The yield on the three-month Treasury bill fell 0.44 percentage point today to 3.66 percent, the lowest since October 2005. Yesterday, the yield tumbled 0.54 percentage point, the biggest single-day decline since Oct. 13, 1989, when the Dow Jones Industrial Average tumbled 6.9 percent. Both exceeded the 0.39 percentage point drop in the aftermath of the Sept. 11, 2001, terrorist attacks.
The great unraveling has begun.
Run on Treasury Bills Spurred by Subprime Contagion (Update4) - Bloomberg.com
for more info and insight at the 3mt
highly recommend the following:
Video - CNBC.com
Video - CNBC.com
Video - CNBC.com
Lance Mcdude,
posted in latest post as well
inOrlando asked: " ...I second the question about the 3M T-bill. Anyone been around long enough to see this happen before? Is this real? 3.4%, and on 1M 3%?"
Yes, it's happened before. It's all happened before.
The interesting about this development is that the housing bears are going to have one of the legs kicked out from under their "housing bust" argument.
The CMT rate is the most-popular for setting ARM rates, and it's determined by T-bill rates.
This means that the coming resets aren't going to be as bad as the bears thought. Not pleasant, but not out-and-out disaster, either.
Sebastia
Yes, Sebastian, one of the legs on the octopus. It won't make much of a difference if any, but you keep that optimism alive!
Sorry, but I don't have a lot of time here right now. Look at the markets. Asia, Europe down. Dollar up against damned near everything. 3-mos yield in historic move from 4.63% on Tuesday to 3.49% now. It's not rocket science. Bye.
mp | 08.16.07 - 11:05 am | #
mp,
I don't know.. CME raised margin requirements this morning.. so it could be all the speculators shifting to Tbills.
I seriously doubt that a shift this quick is something spectacular. I'll chart 3day percentage changes in the 3month rate to see for sure.
My guess is we aren't even close to many of the shifts in the past.
Geoff said: "Yes, Sebastian, one of the legs on the octopus...."
More than one, if you think about it for a minute.
S.
Seb,
LIBOR for Arms, ding a ling
Is the Fed just testing the waters to see the reaction by effectively lowering the fed fund rate with all of this liquidity? Maybe to see how the $ and market reacts?
More true this week than last, for the credit, currency and stock markets, a poem of illusion and disillusionment:
The End of the World
Quite unexpectedly, as Vasserot
The armless ambidextrian was lighting
A match between his great and second toe,
And Ralph the lion was engaged in biting
The neck of Madame Sossman while the drum
Pointed, and Teeny was about to cough
In waltz-time swinging Jocko by the thumb
Quite unexpectedly the top blew off:
And there, there overhead, there, there hung over
Those thousands of white faces, those dazed eyes,
There in the starless dark, the poise, the hover,
There with vast wings across the cancelled skies,
There in the sudden blackness the black pall
Of nothing, nothing, nothing -- nothing at all.
\t-- Archibald MacLeish
With the Yen up so much today, I think the BoJ might step in again with an infusion to keep the price down. Seems that they may be collaborating with the US central bank to keep things from getting out of control.
ac
I don't think so. They've been pulling money out of the system. So have the Swiss. Less supply would always increase price with demand soaring from unwinding hedgies. They knew this Monday, yet they still pulled out money yesterday. Forced carry-trade unwind, by both the Japanese and the Swiss.
They have the western wealthy by the balls, and are squeezing hard. 'Bout time.
One of my new conspiracy theories...
CR, you didn't perchance finagle this crisis to improve blog readership???
Just browsing the internet, your blog is very, very interesting.