On Christmas Eve one would think you could have a nice evening with your family. Little did I know what Timmy Geithner had up his sleeve:
The two companies, the largest sources of mortgage financing in the U.S., are currently under government conservatorship and have caps of $200 billion each on backstop capital from the Treasury. Under the new agreement announced today, these limits can rise as needed to cover net worth losses through 2012.
I see. But I thought housing was getting better? That's what I heard on CNBS Tuesday when existing home sales came in "above expectations."
But then Wednesday came around and, well, new homes? They're just not selling. (more)
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