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: Mortgage Lender Implode-o-Meter

Fannie, Freddie and the Killer

By Implode-Explode Heavy Industries

"Tomorrow is going to see Obama?s Conference on the Future of Housing Finance, where the ultimate fate of the losses from that $5.6 trillion of legacy assets will, undoubtedly, be given a wide berth. Since the GSEs are essentially a couple of monstrous uncapitalized straw-company SIVs with a side-business in mortgage servicing and laundering public money into the real estate market, taking them out and shooting them would force some sort of decision to be made about those bonds. Well, nobody?s ready for that one, but it will be fun to watch everyone squirm."

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