Word: mortgagees
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In the early 1990s, as the U.S. got its fiscal house in order, the capital inflows from overseas shrank. Late in the decade, they returned, with a twist: foreign investors and companies were buying into corporate America to get in on an economic boom. That boom ended in 2001. But...
Then there is the debt that set off this crisis: mortgage debt. Overly easy mortgage borrowing financed the house-price bubble. The bursting of that bubble set off the chain reaction of financial implosions that we are experiencing at the moment. Yet you rarely hear politicians calling it a bubble...
And so Paulson and Bernanke asked for the world--and warned lawmakers they had only a few days to deliver it. Treasury needed $700 billion to buy up Wall Street's toxic mortgage-backed assets, which the government would eventually repackage and sell when the real estate market recovers, and...
I would just say, Fannie Mae and Freddie Mac, so you'll get it from me - I look at that totally different than any of the rest of this. Those charters were set up a long time ago by Congress with the ambiguities and the obligations around that. This was...
That was a situation where thank goodness that I had the powers from Congress and we were able to move quickly and stabilize the situation before we got into last week and mortgage rates have remained calm. Yeah, I and everyone else placed Fannie and Freddie debt. We didn't...