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December 03, 2008 – Comments (13)

Treasury Eyes Plans to Lower Mortgage Rates

Department considers plans to intervene directly to force down rates and stimulate the moribund housing market, according to sources.

13 Comments – Post Your Own

#1) On December 03, 2008 at 11:16 PM, jegr5347 (< 20) wrote:

This is all fools gold. Smoke and mirrors. Tacticts to "jump start" the economy will not work. You cant jump start an economy that is fundamentally flawed. Consumption driven solutions will only plug the dam.

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#2) On December 03, 2008 at 11:31 PM, abitare (49.76) wrote:

lol subject line nails it. Do houses really need to stay this expensive.

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#3) On December 03, 2008 at 11:44 PM, Mary953 (79.30) wrote:

On the evening news - Great and tenured economics professor at the state mega-versity explains why we morons will need another larger government bail-out package just after the first of the year.  If we see prices dropping on things like cars, houses, consumer goods, we will (gasp, horrors) wait for prices to keep falling before we fork over our money to buy more stuff thus acting in an unacceptably selfish manner.  Following news story - An advance warning to check your mail daily as credit card companies are tightening credit limits starting with those who are close to maxing out their credit lines or have low credit scores. 

Wait - WHAT?

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#4) On December 04, 2008 at 12:02 AM, lollard (99.68) wrote:

 I don't care how low mortgage RATES are, as long as asset prices are too high, I'm not buying! 

 Interesting reading here, regarding the mismatch between delinquencies (nearly 4% for quarter ended September 30) and foreclosure starts/sales:

http://piggington.com/guest_commentary_a_festive_thanksgiving_message_from_ramsey_su

 

Mike Shedlock has recently argued that unemployment (using U-6, including people who have essentially given up looking for jobs) stands at nearly 12% and is likely to go much higher. It doesn't take a lot of pessimism to imagine the likely result in terms of delinquencies.

 And while the number of people who are looking at negative equity goes up, the HomeDebtors(TM) of America still imagine that house prices will remain steady or go up over the next six months. Unbelievable.  

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#5) On December 04, 2008 at 8:11 AM, TMFBent (99.80) wrote:

Worst of all to me is that the Treasury would even bother to sit down and solicit the opinions of the corrupt hacks at the National Association of Realtors.

And look at this absolute pile of garbage statement by the writer:

The cost of the plan and source of funding remain unclear. One possibility is for the Treasury to raise money by issuing bonds to the public at 3 percent interest. This could allow the government to turn a profit because it would be buying securities that pay 4.5 percent.

Sure, guaranteed 1.5% spread, right? And if those mortgages aren't paid back?

That's the trouble with the Paulson-led finance monkeys running treasury. They think they understand risk and return, because they're the Wall Street experts. Yet the proved on Wall Street (even Paulson's allegedly bullet-proof alma mater) that they don't. They're still trying to borrow their way out of a credit and asset bubble that hasn't fully corrected, and desperately needs to.

People were defaulting within days, in huge numbers, on teaser-rate mortgage loans that only charged 4.5% or less. The problem isn't rates, it's prices and incomes.

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