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Dream Mortgage Bailout Has a Darker Side
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With the reduced demand for Fannie and Freddie mortgages with coupons under 5%, the Fed steps in and purchases $192 billion of 4% and 4.5% conforming mortgages on a gross basis by March 25, 2009. The move helps support falling house prices in the U.S. and reduces mortgage rates. It also helps banks improve profits. Estimates show the top 10 banks increased their holdings of securities issued by Fannie and Freddie and government agencies by $128.6 billion or 30% in 4th quarter 2008, which can be marked up in future quarters.
Reflections of Ben Bernanke on his handling of the 2008 financial crisis and quantitative easing (QE)
03/03/2009
Bernanke says the least credible criticism of QE is that it leads to inflation, the most credible that it could destabilize markets. So far in early 2014 he sees no signs of inflation or destabilizing markets. He says QE has worked better in practice than it does in theory. Christina Romer says the Fed's independence is best preserved by having decisions made by experts. Bernanke points out that decisions made for the short term can only erode that independence. It will take the public some time to understand what he has done, says Bernanke.
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Dream Mortgage Bailout Has a Darker Side
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Longest Days of the 2008 financial crisis (1)- October 13, 2008, 3.00 pm at the Treasury Building, Washingon D.C., a meeting for $125 billion capital injection into U.S. banks
10/15/2008
Treasury Secretary Paulson meets the heads of major U.S. banks at the Treasury Building. Only Paulson, Fed chairman Bernanke, Sheila Bair of FDIC, and Geithner of the New York Fed on the government side knows why they are meeting. Termsheets are handed out and returned signed.
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U.S. housing agencies, Fannie Mae and Freddie Mac, in the 2008 financial crisis
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Freddie Reports $23.9 Billion Loss
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Dream Mortgage Bailout Has a Darker Side
Wall Street Journal 04/03/2009
Ben Bernanke, Federal Reserve chairman's role in the Rescue Plan in the global financial crisis Sept-October 2008.
10/14/2008
Bernanke's role in the financial crisis of Sept 2008.
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Fed Chairmanâs Departure Casts a New Light on the Bush Legacy
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Reflections by America’s Buddha of Banking
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Robert Samuelson: Bernanke’s triumph -; and defeat - The Washington Post
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Dream Mortgage Bailout Has a Darker Side
Wall Street Journal 04/03/2009
Fannie and Freddie in debt situation requiring government help similar to the banks.
04/03/2009
About $400 billion was committed earlier of which $112 billion has been given to Fannie and Freddie. Now officials say in December 2009 that $400 billion may be needed for each company.
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Fannie Mae to pay $59.4B to Treasury - The Washington Post
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Fannie, Freddie Payments Nearly Match Aid
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Fannie Mae and Freddie Mac: Unfinished business
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How Do You Solve a Problem Like Fannie?
Wall Street Journal 12/24/2013
Putting the Hit on Fannie, Freddie
Wall Street Journal 03/12/2014
Dream Mortgage Bailout Has a Darker Side
Wall Street Journal 04/03/2009
The U.S. Federal Reserve's support for Fannie, Freddie and housing mortgages in 2008-2009
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Dream Mortgage Bailout Has a Darker Side
Wall Street Journal 04/03/2009
Years of Fed Missteps Fueled Disillusion With the Economy and Washington
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