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All the Kings Horses and All the Kings RATES?
Which way will rates go in 2009? Given a pervasive uncertainty means nobody is buying much of anything and home values keep plunging--how do we stop this merry-go-down? For starters, the Fed, the Treasury, the Securities and Exchange Commission and all the Kings Horses being trotted out to bolster confidence and not a moment too soon!
Low Now: OK, rates look great right now. Can they go lower? Unlikely. The jury is out on how long it will take to come up with a viable, actionable recovery plan and how long that plan will take to start working. Meanwhile, help for overextended borrowers who have Fannie Mae and Freddie Mac loans is a good start. Not perfect but a start. Naturally, those banks will benefit first. Fine. Somebody needs to get a leg up and over that horse and get it going. Ideally the fittest of our institutions will recover and live to lend responsibly again. Most of our better lenders are lending. They are just very, very picky.Expose: Check out this MSNBC video series about the Mortgage Backed Securities and related Bonds, representing the so called risky loans. The interesting part is how the ratings companies who rated these bonds 'assumed' all was well. The ... more

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