Evening news told about the fannie type banks were having 100 million dollars a day with drawls. Sort of modern day bank run.
Greedy types on both sides of the desk. Juice loans comes to mind.
The house thing got it start in Stockton, CA. The home buyer just made up a income number and was not looked at to much. The values really jumped for a few years and owners come in a sucked out the new margin value and just walked away. The notes were bundled in Hedge funds world wide. The loan bank never held any paper just collected the payment while they were made.
The Fannie type are investment tools for huge retirement type paper.
The gov is in a place of no return. Must save the sorry banks. FDIC insured up to the limit for each account anything above is gone.
The Feds can drop prime to one point and you will see no change.
The happless margin home owners will have to take a lickin and move on.
Nothing is now almost all is built one brick at a time. Bring back the draft?
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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