I usually have a lot to say. I just know when to keep it to myself.
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AIG- wow. That's pretty much all I can say. wow.
All buttons, Liz. I'm lettin' loose. lol
I'd imagine it would be hard to be a broker in this economy
period. Too many who just don't understand the mechanics.
Madoff pleads guilty to huge fraud scheme before being taken to jail in handcuffs
A 'sorry and ashamed' Bernard Madoff pleads guilty
Thursday March 12, 11:39 am ET
By Larry Neumeister and Tom Hays, Associated Press Writers
Madoff pleads guilty to huge fraud scheme before being taken to jail in handcuffs
NEW YORK (AP) -- Bernard Madoff pleaded guilty Thursday to an epic fraud that robbed investors worldwide of billions of dollars, avoiding eye contact with swindled investors before he was led out of court with his hands cuffed behind his back.
U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.
Madoff spoke steadily in court as he addressed the judge before his guilty plea was accepted.
"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he said.
"As the years went by, I realized my risk, and this day would inevitably come. I cannot adequately express how sorry I am for my crimes."
Madoff did not look at any of the three investors who spoke at the hearing, even when one of them turned in his direction and tried to address him.
After arguments began as to whether Madoff should remain free on bail, his lawyer Ira Sorkin described the bail conditions and how Madoff had, "at his wife's own expense," paid for private security at his $7 million penthouse.
Loud laughter erupted among some of the more than 100 spectators crammed into the large courtroom on the 24th floor of the federal courthouse in lower Manhattan. The judge warned the spectators to remain silent.
The fraud turned a revered money man into an overnight global disgrace whose name became synonymous with the current economic meltdown.
Madoff described his crimes after he entered a guilty plea to all 11 counts he was charged with, including fraud, perjury, theft from an employee benefit plan, and two counts of international money laundering.
Prosecutors say the disgraced financier, who has spent three months under house arrest in his $7 million in Manhattan penthouse, could face a maximum sentence of 150 years in prison at sentencing.
Madoff explained his scheme by telling the judge that he believed the fraud would be short-term and that he could extricate himself.
The plea came three months after the FBI claimed Madoff admitted to his sons that his once-revered investment fund was all a big lie -- a Ponzi scheme that was in the billions of dollars. Since his arrest in December, the scandal has turned the 70-year-old former Nasdaq chairman into a pariah who has worn a bulletproof vest to court.
The scheme evaporated life fortunes, wiped out charities and apparently pushed at least two investors to commit suicide. Victims big and small were swindled by Madoff, from elderly Florida retirees to actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel.
Associated Press writers Jennifer Peltz and David B. Caruso contributed to this report.
http://biz.yahoo.com/ap/090312/madoff_scandal.html
No. When badknees sells- you'll know.
It may be well worth it, but I doubt they'd
comp my room! lolol
I've no interest right now in leaving the country,
at least without my children. Nevada is just
a 3.5 hour flight and easy to escape for a couple of days.
Having said that, I admire your mental library of
beautiful travel. Some day perhaps for me........
RICK- chart : $2.69 at close:
RICK- one of our favorite sin stocks. Currently in the
gutter with the rest of em, but making bookoo bucks too.
Sin stocks are a fav play during these times.
GREAT ARTICLE on RICK:
Strippernomics
Dirk Smillie, 01.21.09, 06:30 PM EST
Not all of the adult industry is asking for a bailout. For some, the downturn is a boom.
http://www.forbes.com/2009/01/21/economy-pornography-recession-biz-media-cx_ds_0121porn.html?partner=yahootix
Simplicity is sophistication - leonardo de vinci
Exactly. We'll see what happens here soon.
The last time it got deep down low, we had a surprise announcement.
I know they have to get over a buck to stay listed- which is what they intended before,
however they also have the r/s option.
As the foundation of what the stimulus is trying to correct,
I'd like to see FRE and FNM get back between 1-2 bucks and hold.
I can't really believe that with gov's hands so deep in here that
they'd let them just crumble down to the last penny before doing
anything. These mortg stocks are so abundant in retirement and
college accounts that I'm on the edge of my seat watching here.
Hopefully this is the last week of these terrible lows in fnm,
and fre and today was just a result of the bigger picture and
the dow.
Would be nice to see 'em back over .50 for a few weeks.
JMHO
Wow. I'm not sure how I feel about that.
The pressure is good to have on some of these companies,
and there needs to be a strong set of standards.
Interesting. Thanks for posting that, turbosetch.
geez. i was just looking at Rio. They've changed themes it seems and also added a topless pool.
Phew! I couldn't find a top that fit all that well anyway.
lololol
You too, no3putts! How's my favorite place on earth? Warm today?
Oh exactly. This can go back to 1986 with the tax reform which not only favored home ownership but instilled the Low Income Housing Tax Credit so low income folks who usually would rent, would have incentive to buy.... Or perhaps subjectively analyzing the deregulation of banks, hello 1980.
I'm suggesting that while there will always be an amount of corruption, it's tough to ignore what was being steered out of mainstream news until the past two years.
(note: here and there the financial guys would pop onto programs
and were treated like tarot card readers as if they had zero credibility)
Below is a nice chart. Regardless of when the horses began to
get feisty, they went wild under previous command. Giddy Up, cowboy!
lmao
File:Mortgage loan fraud.svg
From Wikipedia, the free encyclopedia
True. Greed got in the way and as in the markets on a daily basis, it's the manipulator of destruction.
It's usually the "greed karma" that has long since taught me
it's better to sell too soon than to hold too long.
However, I see a whole lot of finger pointing at the person
who'd stepped up to the plate when he's only been there a few
weeks.
It's fair to say the past administration also inherited a
ticking housing bomb. I get that and can agree with the lay of
the poor foundation- but is it not completely irresponsible
to assume this was born on January 20th? In my opinion, if
there was a better person to have handled the situation out of
the pool of hundreds it began with 2 years ago applying for
the job- then they'd be in the oval office.
In 2003, when we began in Iraq- although there was some
dismay- there was overwhelming support. At least most of
America gave it a couple years before we developed the
hindsight to say "bad move."
My point is that foresight should be based on the standing
principal that what we've done so far is not working- so let's
try something new.
PS- Threw in some charts if you wanted to route this more of a stock discussion (which i'd be happy to chat about too). Their under my sidebar below. :))))
Sidebar:
You know me very well and I'm very comfortable expressing my
opinion without personal feelings in the mix. Thankfully, you
and i respect each others differences, although we may
disagree, lol. I'll talk to you on the other side, Badknees....and
I'm apologizing to the board for honing in on the political
discussions of a stock board....sigh....slow day here. hahaa
Hi Clarity. I'm trading and have been trading with few breaks
in between. Just as when I'd abandoned pink sheets long ago-
so went more than 5 minutes of DD on any company.
The swings are still there if you peek in the cracks and as
you believe it's doomsday - I've taken a more positive
approach.
Charts seem pretty reliable for trading (the 3 min, 5 min) and
long term holding isn't the plan for today's times. Unless of
course you're bottom feeding- well then, those are abundant.
My trading style now may represent a sign of the times, but
more symbolic is the hope given the reputation of markets in
the past two years - or whenever it was in the past
administration that the housing market collapsed after a few
years of tumbling.
So perhaps it's best to admit that our current state was never
a beauty to inherit in the first place. The last folks left a
huge mess to clean up. Janitor work is seldom a pretty task,
and I'm thankful that somebody is willing to go shine the
toilet after so many greedy sob's peeped on it.
Take Care,
Bridge ;)
I agree.
Yeah, now's a good time to shop there. My husband went to pick out a DVD/CD cleaner slash contraption. He picked out a top of the line device. When he went to check out, the scanner wouldn't scan it. The girl grabbed a totally different one out of a drawer- a low-end model. She just shrugged with a "whatever" attitude and scanned in the lower price.
She just got her pink slip. I imagine none of the employees are going to be going out of their way for high numbers anymore, lol.
Sannnnnnnnnnnnntaaaaaaaaaaa
Hm. And clearly by this chart, everyone was expecting it.
Are they expecting some contracts by the new administration?
If you're stuck in it right now on the dive- looks rough.
If you were thinking of catching a bounce, it's possible
for a quick play (in my opinion only) at the end of day when
it should have more selloff in the last half hour ) through the next 2 days of a quick small bounce. again, imho.
-b
Off the bat, it had a gap to fill. I'm in my trade window and see that a lot of people banked yesterday. They needed to sell.
There is no news listed, but overall it's heading back to it's range it's held for the past year.
What caused the jump to begin with? Lets start there....
i'll take a peek...........
Alcoa, Alcoa let your numbers go-a....low-a....
creating security blue tag specials all over this morning..!
http://finance.yahoo.com/news/Stock-futures-slightly-lower-apf-14028458.html
Housing swings. What week am I on now? I've enjoyed the ten to fifteen percent average weekly swings on the mortgage giants week after week like clockwork.
I'm looking at the low seventies but cannot fully decide if it's going there before the twentieth of January.
Thoughts? I'm kicking tush here. Just give me thoughts even if you hate that crazy play of mine.
When did I miss the advent of the new Status feature? Cool. Very facebook.
Happy New Year!
Good Fortune to you all in the holidays season and in the new, more hopeful 2009!!
merry christmas fat cats!!
Merry Christmas, Happy Holidays and Good Hopes for the NEW YEAR!!!
Thanks for the link Liz.......!
That is a very sad an ongoing story here. They
are still there by the way...
Summary for anyone who hadn't heard about this-
Federal laws called "the warn act" were abused and these folks
lost their jobs on a 3 day notice which is denying them their
due vacation pay and other earned benefits.
Not to mention, the warn act makes it illegal to not have given
at least a 2 month notice for a layoff of over 50 people.
They're collecting donations. It's a dismal time, considering
they were cut off from Bank Of America (who just received
billions in the bailout) as BAC wouldn't provide the credit to
the company........and the company was left without
money.....and the families are suffering once again.
HOUSING CRISIS: My grandmother told me about years ago when people were allowed to write off credit card interest and auto.......
then it became written that only home mortgage interest could be written off for taxes.
She said that was truly the beginning of the problems we face today as auto sales people and others would encourage a
refinance with cash out, or home equity loan for major purposes- which began the "piggy bank" syndrome.
AUTO CRISIS: An elderly friend of mine said to me yesterday
"When I bought my first new car- it was not a system of
browsing the mega lots- I had to order it. You couldn't drive
away that day...........and we've flooded the industry
with a false demand."
It's always about greed.
Earnings Announcements for Wednesday, December 10
Company Symbol EPS
Estimate* Time Add to My
Calendar Conference
Call
Amtech Systems ASYS 0.11 After Market Close Add
BWAY Holding Company BWY 0.31 Time Not Supplied Add Listen
CKE Restaurants CKR 0.1 After Market Close Add Listen
Emcore EMKR -0.01 After Market Close Add
Evertz Technologies Limited ET.TO N/A After Market Close Add
FuelCell Energy FCEL -0.32 After Market Close Add
GIFI VILLENEUVE SUR LOT IGF.PA N/A Time Not Supplied Add
Greif Brothers GEF 1.19 After Market Close Add
Harry Winston Diamond Corporation HW.TO N/A After Market Close Add Listen
Hooker Furniture Corporation HOFT 0.28 Before Market Open Add
Korn Ferry International KFY 0.29 Time Not Supplied Add Listen
Lakeland Industries LAKE N/A Before Market Open Add
MEDICAL NUTRITION USA INC MDNU N/A After Market Close Add
Multimedia Games MGAM 0 Before Market Open Add
Ocean Power Technologies, Inc. OPTT -0.42 Before Market Open Add
Peregrine Pharmaceuticals PPHM -0.02 Before Market Open Add
Powell Industries, Incorporated POWL 0.59 Before Market Open Add
Source Interlink Companies SORC N/A After Market Close Add Listen
Star Gas Partners SGU N/A After Market Close Add
Workplace Systems International plc WSI.L N/A Before Market Open Add
Earnings Announcements for Tuesday, December 9
Company Symbol EPS
Estimate* Time Add to My
Calendar Conference
Call
ADC ADCT 0.13 After Market Close Add
Analogic Corporation ALOG 0.52 Before Market Open Add Listen
ArcSight, Inc. ARST 0.04 After Market Close Add
Ashtead Group plc ASHTF.PK N/A Before Market Open Add
AutoZone Inc. AZO 2.18 Before Market Open Add Listen
BAKERS FOOTWEAR GROUP INC BKRS -0.18 Before Market Open Add
BIT-ISLE INC, TOKYO BSLEF.PK N/A 02:00 am ET Add
CAFE DE CORAL HLDGS CFCGF.PK N/A After Market Close Add
Domino Printing Sciences PLC DNO.L N/A Before Market Open Add
Ferrellgas Partners FGP -0.33 Time Not Supplied Add
Finisar FNSR 0.03 After Market Close Add
G-III Apparel Group GIII 1.69 Time Not Supplied Add
Hi-Tech Pharmacal HITK 0.06 Before Market Open Add
ICO, Inc. ICOC 0.11 Time Not Supplied Add
IOMART GROUP IOM.L N/A Before Market Open Add
KMG Chemicals KMGB 0.14 Before Market Open Add
LTX Corporation LTXC -0.13 After Market Close Add Listen
Methode Electronics MEI 0.11 Before Market Open Add
MICRO FOCUS MCRO.L N/A Before Market Open Add
Momentum Advanced Solutions Inc. WWW.TO N/A Time Not Supplied Add
Navisite NAVI -0.08 Time Not Supplied Add Listen
Northgate plc NTG.L N/A Before Market Open Add
Oil-Dri Corporation of America ODC N/A After Market Close Add Listen
Oxford Industries OXM 0.46 After Market Close Add
Pall Corp. PLL 0.38 After Market Close Add Listen
Pep Boys PBY 0.01 Before Market Open Add
Photronics PLAB -0.14 After Market Close Add
Retail Ventures, Inc. RVI 0.14 Time Not Supplied Add
Rex Stores Corporation RSC N/A Before Market Open Add Listen
SAIC, Inc. SAI 0.29 After Market Close Add
SCOTT WILSON GROUP SWG.L N/A Before Market Open Add
The Cooper Companies, Inc. COO 0.58 After Market Close Add Listen
The Kroger Co. KR 0.38 Time Not Supplied Add Listen
Tier Technologies TIER -0.2 After Market Close Add
Toro TTC 0.07 Before Market Open Add Listen
Vail Resorts MTN -0.79 Before Market Open Add
Williams Controls WMCO N/A Time Not Supplied Add
WINCOR NIXDORF Aktiengesellschaft WIN.F N/A Time Not Supplied Add
Earnings Announcements for Monday, December 8
B M INTELLIGENCE INTERNATIONAL 8158.HK N/A Time Not Supplied Add
C&D Technologies, Inc. CHP 0.08 Time Not Supplied Add Listen
Gander Mountain Co. GMTN 0.08 After Market Close Add
H&R Block, Inc. HRB -0.4 After Market Close Add
IDT Corporation IDT -0.34 Time Not Supplied Add
International Assets Holding IAAC N/A After Market Close Add
KIRKLAND LAKE GOLD INC KGI.TO N/A Time Not Supplied Add
Learning Tree International LTRE 0.16 After Market Close Add Listen
MAJOR DRILLING GROUP INTL INC MDI.TO N/A After Market Close Add
Mitcham Industries MIND 0.34 Time Not Supplied Add
National Semiconductor NSM 0.21 After Market Close Add Listen
NETONNET AB NON.ST N/A Time Not Supplied Add
Resource America, Inc. REXI N/A After Market Close Add Listen
Rostelecom ROS N/A 04:00 am ET Add Listen
Synergetics USA, Inc. SURG N/A After Market Close Add
TEN ALPS TAL.L N/A Before Market Open Add
Zila ZILA -0.23 After Market Close Add Listen
Economic Calendar - Week Dec 9-12
Dec 9 10:00 AM Pending Home Sales Oct - - -2.3% -4.6% -
Dec 10 10:00 AM Wholesale Inventories Oct - 0.2% 0.2% -0.1% -
Dec 10 10:35 AM Crude Inventories 12/06 - NA NA NA -
Dec 10 2:00 PM Treasury Budget Nov - NA -$193.0B - -
Dec 11 8:30 AM Export Prices ex-ag. Nov - NA NA -1.2% -
Dec 11 8:30 AM Import Prices ex-oil Nov - NA NA -0.9% -
Dec 11 8:30 AM Initial Claims 12/06 - NA NA NA -
Dec 11 8:30 AM Trade Balance Oct - -$53.5B -$54.0B -$56.5B -
Dec 12 8:30 AM Core PPI Nov - 0.1% 0.2% 0.4% -
Dec 12 8:30 AM PPI Nov - -1.9% -1.8% -2.8% -
Dec 12 8:30 AM Retail Sales Nov - -1.8% -1.4% -2.8% -
Dec 12 8:30 AM Retail Sales ex-auto Nov - -1.5% -1.7% -2.2% -
Dec 12 10:00 AM Business Inventories Oct - 0.0% -0.1% -0.2% -
Dec 12 10:00 AM Mich Sentiment-Prel. Dec - 58.0 58.0 55.3
Stocks shake off jobs report to end with big gains
Friday December 5, 6:22 pm ET
By Tim Paradis, AP Business Writer
Stocks shake off dismal jobs report to end with sharp gains; indexes jump more than 3 percent
NEW YORK (AP) -- Wall Street put an upbeat spin Friday on the government's report that the nation lost more than half a million jobs last month. Stocks reversed early losses and closed sharply higher as the data raised hopes that Washington will again step in to help the economy.
The Dow Jones industrial average closed up nearly 260 points as investors' shock dissipated over the Labor Department's report that employers slashed 533,000 jobs in November compared with the 320,00 that economists forecast. Ultimately, even a terrible reading on employment wasn't surprising to a market that has been drubbed by a stream of bad economic news.
The market's advance in light trading volume left Wall Street with moderate losses for the week, the result of a nearly 680-point slide in the Dow on Monday. More important, the market was able to claim a victory of sorts over the course of the week -- except for Monday's drop, stocks repeatedly overcome bleak economic data and corporate announcements.
Demand for the safety of government debt eased slightly Friday but remained high. In the past week, Treasury yields have plunged to their lowest levels since the government started issuing them.
Stock market investors who originally sold Friday after the employment figures had a change of heart by afternoon, believing the numbers could make the government more likely to supply more aid for the economy. They also appeared relieved by the market's relatively cool reaction to the data -- trading was orderly and the huge loss of jobs didn't spark the type of massive sell-off it might have even a month ago when Wall Street still trying to determine how severe the recession would be.
"In a kind of paradoxical sense, the really ugly employment numbers probably helped the case for more help from Washington, whether it's through the broader stimulus plan or more targeted industry measures," said Craig Peckham, equity trading strategist at Jefferies & Co.
Job losses were widespread, hitting manufacturing, construction, retail, financial and other sectors.
Beyond the hopes for more aggressive moves by the government, strength in the tattered financial sector also gave a boost to the overall market Friday. An upbeat forecast from Hartford Financial Services Group Inc. cut through some of investors' fears that profits among financial firms would continue to spiral lower; the company raised its profit expectations for the year and quelled some concerns about the strength of its balance sheet.
Kim Caughey, equity research analyst at Fort Pitt Capital Group, said that Hartford's "bullish commentary" boosted investors' appetite for financial companies like insurers and banks.
Friday's advance was the eighth for the Dow in 10 sessions, raising some hopes that stability was returning to the Street after months of turbulence. But some analysts were still cautious.
"The markets are, in my view, acting not stable at all but with excessive volatility and unpredictability," said Gary Townsend, president and chief executive of private investment group Hill-Townsend Capital Inc. "It's a very difficult market to invest into and a very difficult market to trade."
The Dow industrials jumped 259.18, or 3.09 percent, to 8,635.42 after falling by 258 and rising as much as 310 in the volatile trading late in the session.
Broader stock indicators also advanced. The Standard & Poor's 500 index rose 30.85, or 3.65 percent, to 876.07, and the Nasdaq composite index rose 63.75, or 4.41 percent, to 1,509.31.
The Russell 2000 index of smaller companies rose 21.56, or 4.91 percent, to 461.09.
Two stocks rose for every one that fell on the New York Stock Exchange, where consolidated trading volume came to a light 6.03 billion shares, compared with 5.7 billion traded Thursday. Thin trading can exacerbate the market's moves.
For the week, the Dow fell 2.2 percent, the S&P 500 declined 2.3 percent and the Nasdaq fell 1.7 percent.
Bond prices fell as stocks turned higher -- ending a winning streak that had sent yields to record lows for much of the week. The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 2.70 percent from 2.56 percent late Thursday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.02 percent from 0.01 percent late Thursday.
The dollar was mixed against other major currencies, while gold prices fell.
Light, sweet crude fell $2.86 to settle at $40.81 a barrel on the New York Mercantile Exchange. Concerns about the economy and weakening energy demand have kept oil prices near four-year lows. The price of oil has fallen a staggering 72 percent since peaking at $147.27 in July.
Analysts said the extent of the labor market's weakness likely will galvanize government officials.
"In the perverse way that the market works, there's a hope that it further fuels the dire need for economic stimulus for the Street and for the consumer, with so many people out of work right now," said Ryan Larson, senior equity trader at Voyageur Asset Management.
The Federal Reserve and the Treasury have been taking unprecedented steps to revive the economy since the mid-September bankruptcy of Lehman Brothers Holdings Inc. The biggest move was the government's $700 billion rescue for the banking sector. The Treasury said Thursday it is considering a plan to encourage banks to make mortgage loans at low rates; that could help patch up the troubled housing market, which many analysts say is crucial to any economic recovery.
While the deluge of bad economic readings have weighed on the markets in the past several months, investors are growing somewhat accustomed to the news. The stock market, which generally looks ahead, tends to recover six to nine months before economic reports show a recession is abating. At some point, investors likely will determine that a recession has been fully built into the market's expectations and will begin placing bets on a recovery.
Part of investors' latest uncertainty centers on the automakers. The heads of Detroit's Big Three appeared on Capitol Hill this week. General Motors Corp., Ford Motor Co. and Chrysler LLC are collectively seeking $34 billion in emergency funding. While the market largely expects the companies will win some sort of government aid, support for the troubled carmakers isn't assured.
GM fell 3 cents, or 0.7 percent, to $4.08, while Ford rose 6 cents, or 2.3 percent, to $2.72. Chrysler isn't publicly traded.
Financial stocks also rallied after Hartford's forecast. Hartford's stock doubled, jumping $7.38 to $14.59. Other financials rose as well. Wells Fargo & Co. advanced $2.39, or 8.7 percent, to $29.94, while Prudential Financial Inc. surged $7.35, or 35 percent, to $28.52.
Optimism that buoyed some overseas markets following massive interest rate cuts across Europe Thursday deflated following the report on U.S. jobs. Britain's FTSE 100 fell 2.74 percent, Germany's DAX index fell 4 percent, and France's CAC-40 declined 5.48 percent. Japan's Nikkei stock average slipped 0.08 percent; trading in Tokyo ended before the employment report was released.
The Dow Jones industrial average ended the week down 193.62, or 2.19 percent, at 8,635.42. The Standard & Poor's 500 index finished down 20.17, or 2.25 percent, at 876.07. The Nasdaq composite index ended the week down 26.26, or 1.71 percent, at 1,509.31.
The Russell 2000 index finished the week down 12.05, or 2.55 percent, at 461.09.
The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended at 8,737.14, down 208.06 points, or 2.33 percent, for the week. A year ago, the index was at 14,963.52.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
http://biz.yahoo.com/ap/081205/wall_street.html
UPDATE 1-US Treasury may use Fannie, Freddie to help home prices
Wed Dec 3, 2008 4:31pm EST
NEW YORK, Dec 3 (Reuters) - The U.S. Treasury Department is considering a plan to halt sliding home prices by lowering mortgage rates through home-finance powerhouses Fannie Mae (FNM.P: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.P: Quote, Profile, Research, Stock Buzz), the Wall Street Journal reported on Wednesday.
Citing unnamed people familiar with the matter, the Journal said in an online report that the still-developing plan would aim to bring mortgage rates down to as low as 4.5 percent -- roughly one percentage point lower than their current level.
Under the plan, Treasury would buy securities underpinning loans guaranteed by the mortgage finance enterprises, and those guaranteed by the Federal Housing Administration, an arm of the Department of Housing and Urban Development, the report said. (Editing by James Dalgleish)
http://www.reuters.com/article/marketsNews/idINN0359471820081203?rpc=44
Wow. Look at all the folks for the holidays :) Nice to see some
joy on the boards! Welcome to December folks. I'm looking forward to some nice rebounds in 2009
and scooping up some cheapies for my xmas stocking.
Ho-ho-hoooooooo
bingo.....Fed announces new plan to support mortgage
WASHINGTON (Reuters) – The Federal Reserve, in another massive life-support intervention for the U.S. financial system, on Tuesday announced a $600 billion program to buy mortgage-related debt and securities and a $200 billion facility to buy consumer debt securities,
The U.S. central bank said it would buy up to $100 billion in debt issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, the government-sponsored mortgage finance enterprises.
The Fed also said it would buy up to $500 billion in mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.
(Reporting by Mark Felsenthal, Editing by Chizu Nomiyama
http://news.yahoo.com/s/nm/20081125/bs_nm/us_financial_usa_credit_3;_ylt=Ajk8TsaiW5e9AGBVDiit6Qdv24cA
Keep an eye on FRE and FNM as the delist notice needs to be ammended soon.
I have a hard time believing they wont make the requirements, considering they are under watch.
They need to trade over a buck to stay listed.
jmho
Always good to hear from you, Tex.