home proces down 28%
all time high forclosure
home loans UP from last year
MER told you BETTER sell
WM about to go tits up
and just WHERE has this 900 billion vanished?
in the firms they tried to save!!!
Sept 16 (Reuters) - The U.S. Federal Reserve stepped in to rescue insurance giant American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) from bankruptcy with an $85 billion loan on Tuesday, the latest in a series of bailouts and loans for the financial and housing sectors.
The action brings the total tab for government rescues and special loan facilities this year to more than $900 billion.
Following are details of actions and amounts.
* $200 billion for Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz). The Treasury will inject up to $100 billion into each institution by purchasing preferred stock to shore up their capital as needed. The deal puts the two housing finance firms under government control.
* $300 billion for the Federal Housing Administration to refinance failing mortgage into new, reduced-principal loans with a federal guarantee, passed as part of a broad housing rescue bill.
* $4 billion in grants to local communities to help them buy and repair homes abandoned due to mortgage foreclosures.
* $85 billion loan for AIG, which would give the Federal government a 79.9 percent stake and avoid a bankruptcy filing for the embattled insurer. AIG management will be dismissed.
* At least $87 billion in repayments to JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) for providing financing to underpin trades with units of bankrupt investment bank Lehman Brothers (LEH.N: Quote, Profile, Research, Stock Buzz) (LEH.P: Quote, Profile, Research, Stock Buzz). U.S. Treasury Secretary Henry Paulson said over the weekend he was adamant that public funds not be used to rescue the firm.
* $29 billion in financing for JPMorgan Chase's government-brokered buyout of Bear Stearns & Co in March. The Fed agreed to take $30 billion in questionable Bear assets as collateral, making JPMorgan liable for the first $1 billion in losses, while agreeing to shoulder any further losses.
* At least $200 billion of currently outstanding loans to banks issued through the Fed's Term Auction Facility, which was recently expanded to allow for longer loans of 84 days alongside the previous 28-day credits. (Reporting by David Lawder; Editing by Lincoln Feast)
Assuming you are right, if the Fed did not spend those 900B, we will have an economy that probably would have lost $5 trillion by now. Any idiot who say no bailout doesn't understand a thing. If no bailout, your employer will probably go out of business and you and millions will be on the street looking thru the garbage to feed your family.
As the way things turn out, we will get the economy back on its feet, the toxic equity will start to worth something and the $900B will be paid back. Once the economy gets going, the taxes will provide Treasury a surplus.
No bailout will mean the economy going into tailspin and get us into deep depression for years.
It's finally coming home to roost.All the debt,all the obligations we owe world wide. I fear what might be in store for us all soon.I'm not a gold owner,but it did get my attention when the supply of gold coins has been drying up fast.