Hints and tips:
...In the US, the mortgage market could not operate without the financing provided by twin utilities, Fannie Mae and Freddie Mac. The parallels are intensifying in two ways....
...Dividends from Fannie Mae and Freddie Mac and rising tax receipts helped push the surplus to $116.5bn, compared to a $59.7bn deficit a year earlier (Bloomberg)....
...“We know that this is an unsustainable moment in time, because refis are so robust,” said Richard Davis, chief executive of US Bancorp....
...Rosenberg is an associate at Davis Polk & Wardwell, a global law firm...
...In the US, banks often sell mortgages on to the federal agencies Fannie Mae and Freddie Mac, which repackage them into mortgage-backed securities....
...“There have been big deals, but this was a colossal transaction,” says Richard Drucker, a corporate partner at Davis Polk & Wardwell....
...It also said it would reinvest any early repayments from mortgage securities back into debt issued by mortgage agencies such as Fannie Mae, to reduce household mortgage rates....
...“It has always been next year that the issue of Fannie and Freddie will be taken up,” said Randall Guynn, a partner at Davis Polk & Wardwell as he moderated a panel at the New York event....
...– Davis Wright Tremaine LLP (PDF)...
...Davis’ order dated July 28, 2009. The pieces were surrendered to the U.S. Mint by the descendants of Israel Switt....
...The founding Davis family has $2bn of its own money in its funds, so Chris Davis, the grandson of founder Shelby Davis, lost money too....
...The sequence of events that has taken out Fannie Mae and Freddie Mac, Lehman Brothers, AIG and HBOS/Lloyds TSB (plus whatever other events may have unfolded in the days between this column being written...
...“It wasn’t deregulation that allowed this crisis,” said Tom Davis, the senior Republican on the committee....
...Republicans on the committee joined in the criticism of the ratings agencies, but said that the government-sponsored mortgage agencies Freddie Mac and Fannie Mae were also to blame....
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