Client News Release
Greenspan denies blame for crisis, admits 'flaw' (AP) and Pathetic Display at Yesterday's Financial Hearings (at Seeking Alpha)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 10/27/2008 - Mortgage Investment industry news provided by Financial News USA (OTC: FNWU). WASHINGTON (AP) -- Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nation's economic crisis was his fault on Thursday but conceded the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a "state of shocked disbelief."
Greenspan, who stepped down in 2006, called the banking and housing chaos a "once-in-a-century credit tsunami" that led to a breakdown in how the free market system functions. And he warned that things would get worse before they get better, with rising unemployment and no stabilization in housing prices for "many months."Gloomy economic reports backed him up. New jobless claims soared to just under 500,000 for last week, and Goldman Sachs, Chrysler and Xerox all said they were cutting thousands more workers. [Read the full article]
It's not clear who put on the most pathetic display yesterday at the committee hearing dubbed "The Role of Federal Regulators in the Financial Crisis" - former Federal Reserve Chairman Alan Greenspan or Rep. John Mica (R-Florida) who, along with others, sought to transform the meeting into a discussion of GSE oversight or the lack thereof.Shown above next to Mr. Greenspan is Mr. Mica about to tape a sheet of paper in front of his microphone to remind attendees and viewers that the meeting on the GSE's role in the financial crisis is not scheduled until November 20th - after the election. Some highlights, during which former Treasury Secretary John Snow makes his most profound comment during the entire hearing:Mica: Do you know what comes before November 20th?Snow: The 19th.Mica: Of course as you might recall, it's a little thing called the election and we wouldn't want the trail to lead to people who have done the wrong things. [Read the full article]
MCLEAN, Va., Oct. 24 /PRNewswire-FirstCall/ -- The following is being
issued by Freddie Mac (NYSE: FRE): September 2008 Highlights:-- On September 6, 2008, the Director of the Federal Housing Finance Agency (FHFA) appointed FHFA as Conservator of Freddie Mac. [Read the full article]
WASHINGTON, Oct. 24 /PRNewswire-FirstCall/ -- Fannie Mae (NYSE: FNM) will
redeem the principal amounts indicated for the following securities issues on
the redemption dates indicated below at a redemption price equal to 100
percent of the principal amount redeemed, plus accrued interest thereon to the
date of redemption:
Principal Security Interest Maturity Date CUSIP Redemption Date
Amount Type Rate
$485,000,000 MTN 4.467% March 5, 2010 3136F8WG6 November 5, 2008
$250,000,000 MTN 4.750% November 5, 2010 31398AJK9 November 5, 2008
Fannie Mae exists to expand affordable housing and bring global capital to
local communities in order to serve the U.S. housing market. Fannie Mae has a
federal charter and operates in America's secondary mortgage market to enhance
the liquidity of the mortgage market by providing funds to mortgage bankers
and other lenders so that they may lend to home buyers. [Read the full article]
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