Word: mortgagees
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About 80% of Frannie's debt securities remain in the U.S. The PIMCO Total Return Fund, the biggest bond mutual fund, had its best day ever the Monday after the announcement, rising 1.32%. Fund manager Bill Gross had put two-thirds of its assets in mortgage-backed securities while using...
2 | How will this bailout affect my mortgage? It shouldn't affect existing loans at all. But Treasury's guarantee of Frannie's debts has already brought down rates on new mortgages because worries about the companies' future had been driving up rates. Two days after the takeover, the average...
Lower mortgage rates make houses more affordable, providing support to the reeling housing market. But there's still a giant supply of unsold houses, and prices are still high relative to rents and incomes. So don't expect a big housing rally.
As the world's biggest debtor, the U.S. can ill afford to develop a reputation for stiffing its creditors, the reasoning went. Rates might rise sharply not just on mortgage securities but for all kinds of U.S. debt, including Treasuries. Such fears say a lot about this country's newfound...
Of course, by extending a taxpayer guarantee to $5.3 trillion in mortgage debt, Paulson and Congress do risk sparking global worries about the U.S. government's ability to service its debts. But so far, such concerns, while raised occasionally in the financial media, have had no discernible effect on interest...