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Monday, September 8, 2008

Housing/Subprime/Credit Roundup — September 8, 2008

More reactions to the "Mother of All Bail-Outs"

Eric Dash / New York Times:
Few Stand to Gain on This Bailout, and Many Lose
— Over the years, Fannie Mae and Freddie Mac showered riches on many winners: their executives, Wall Street bankers and Washington lobbyists. Now the foundering mortgage giants are leaving some losers in their wake, notably their shareholders …

Frank James / The Swamp:
Fannie, Freddie ointment has flies: expert
Paul Krugman / New York Times:
The Power of De — Save the home lenders, save the world?
Paul Krugman:
Deprivatization — I wish people wouldn't say that Fannie …
Daniel W. Reilly / The Crypt's Blogs: DeMint to renew fight for Fannie and Freddie lobbying ban
Michelle Malkin:
Here it is: The mother of all government bailouts

Peter Viles / L.A. Land: Fannie-Freddie bailout “doesn't change anything” for housing market
Robert Daniel / MarketWatch: CEOs of Fannie and Freddie may get severance: N.Y. Times
Founding Bloggers: Fannie Freddie Bailout Questions
Mort Zuckerman: We still don’t know where the bottom isCrooks & Liars:
Mort Zuckerman: “We still don’t know where the bottom is” -- Financial expert [publisher/real estate billionaire] Mort Zuckerman appeared on Morning Joe to talk about the Federal bailout of Fannie and Freddie Mac - a move that he estimates will cost the taxpayer upwards of $500 billion added to an already record federal debt. The panicked looks on the faces of the hosts as he laid out just how bad it could be were the most vocal commentary though. Zuckerman says that Fannie and Freddie are “too big to fail” because their paper is held by financial institutions worldwide and if they fell then the world economy would plummet like a stone in a “systemic crisis”.

But he also says that “this is not the end of the real problem”, which is $5 trillion plus in mortgage loans with record foreclosures and falling house prices. In other words, America’s piggy bank is broken. Zuckerman says that no-one should think the bailout is the end of the story: “this problem is still not measurable, we still don’t know where the bottom is,” and that the only way out in the long term is to “force savings upon the American people, and that’s called taxes.”...
Kevin Depew / Minyanville:
Five Things You Need to Know: Treating the Symptoms, Ignoring the Disease -- While the full impact of the nationalization of Fannie Mae (FNM) and Freddie Mac (FRE) is still being sorted out - conservatorship, nationalization, in time it will come to be seen as the same thing - there is only one thing equities traders and investors need to understand: just as subprime mortgages were not the problem, and just as Bear Stearns was not the problem, so too, Fannie Mae and Freddie Mac were not the problem.

Each of these separate crises were merely symptoms of a larger virus, a larger disease; too much debt built on too much leverage with too little economic growth to support it. Regardless of what stocks are doing today, this is all that matters...
Hank Paulson goes deepTodd Harrison / Minyanville:
Monday Morning Quarterback: Hank Goes Deep! -- Autumn Sundays. A time to kick back with friends, pop a few brews, huddle for the game and watch the action unfold. And what a game it is!

Last week in our financial pigskin preview, we highlighted Washington offensive coordinator Hank Paulson and his penchant for big plays. His market timing patterns were prepared in the off-season and it’s apropos that his biggest play came on opening day.

Minyanville has long monitored the chronic injuries of Fannie Mae and Freddie Mac, forecasting years ago that these two troubled receivers would one day retire...
The Big Picture:
Seeking Alpha:
Out of Control -- A series of aggressively underwritten Manhattan apartment-complex deals completed in 2006 and 2007 are emerging as the most troubled part of the $860 billion U.S. commercial-mortgage market, which generally has sailed through the economic downturn with few woes, at least compared with its residential counterpart.

The most prominent potential trouble spot is Stuyvesant Town and Peter Cooper Village, a giant complex with 56 buildings and more than 11,000 apartments along the East River. It was sold by longtime owner MetLife (ticker: MET) for $5.4 billion in 2006 to two prominent real-estate investors, privately held Tishman Speyer and BlackRock Realty Advisors. ...
Seeking Alpha:
Manhattan Real Estate Is Teetering - Barron's -- With several large NYC apartment house deals faltering, the thus-far sturdy commercial-mortgage market may be in trouble...

Seeking Alpha:
New York City Real Estate: As Good As T-Bills?

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia