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: Mortgage Lender Implode-o-Meter

The next big bailout is on the way. Prepare to get reamed!

By Implode-Explode Heavy Industries

" Housing is on the rocks and prices are headed lower. That?s not the consensus view, but it?s a reasonably safe assumption. Master illusionist Ben Bernanke managed to engineer a modest 7-month uptick in sales, but the fairydust will wear off later this month when the Fed stops purchasing mortgage-backed securities and long-term interest rates begin to creep higher. The objective of Bernanke?s $1.25 trillion program, which is called quantitative easing, was to transfer the banks ?unsellable? MBS onto the Fed?s balance sheet. Having achieved that goal, Bernanke will now have to unload those same toxic assets onto Freddie and Fannie. (as soon as the public is no longer paying attention) "

Full post as published by Mortgage Lender Implode-o-Meter on March 16, 2010 (boomark / email).