The Bernank will support housing

[pmbug]

Federal Reserve Chairman Ben S. Bernanke said the Fed will take action to speed growth and a rebound in a housing market facing obstacles ranging from too- tight lending rules to racial discrimination.
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Bernanke said while tighter credit standards after a collapse in the subprime mortgage market were appropriate, “it seems likely at this point that the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes, thereby slowing the revival in housing and impeding the economic recovery.”
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http://www.bloomberg.com/news/2012-...d-will-do-what-it-can-to-support-housing.html

Look peeps. We're going to open the f'n spigot. Got it?

 

[Au-Myn]

http://www.bloomberg.com/news/2012-...d-will-do-what-it-can-to-support-housing.html

Look peeps. We're going to open the f'n spigot. Got it?

Just like Clinton did...here we go again.

http://www.openmarket.org/2008/09/1...-affordable-housing-led-to-mortgage-meltdown/

 

[pmbug]

Looks like Tiimmy is joining The Bernank in the Atlas pose:

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The FHA says the shortfall in the books comes to a modest $16.3Bn. As bailouts go, that's chump change. It's small beer today, but next quarter there will be another shortfall as the "book" of nutty mortgage's works its way through (and steam rolls) the FHA. The losses being booked today (and next month) result from mortgage guarantees made back in the dark days of 2008 -09. These loans were programed to make losses. The chickens are coming home to die roost. I think FHA will need a line of credit for at least $50Bn.
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The problems at FHA are going to be swept under the carpet with no problems at all. In an ironic twist of history, Tim Geithner will put a pen to the FHA bailout before the end of the year. It will be his last act as Treasury Secretary. ...

http://www.zerohedge.com/contributed/2012-11-15/geithner-bailout-fha