Fed to Lend to Fannie & Freddie

Sunday, July 13, 2008 | 10:16 PM

All of our weekend guests finally clear out, we clean up the barbecue remnants. I get a few seconds to sit down to the computer to check email, and THIS is what greets me:

>

Release Date: July 13, 2008

For immediate release


The Board of Governors of the Federal Reserve System announced Sunday that it has granted the Federal Reserve Bank of New York the authority to lend to Fannie Mae and Freddie Mac should such lending prove necessary.  Any lending would be at the primary credit rate and collateralized by U.S. government and federal agency securities.  This authorization is intended to supplement the Treasury's existing lending authority and to help ensure the ability of Fannie Mae and Freddie Mac to promote the availability of home mortgage credit during a period of stress in financial markets.

http://www.federalreserve.gov/newsevents/press/other/20080713a.htm

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The laugh line in that paragraph is: "should such lending prove necessary." 

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Its Sunday night -- the thread is OPEN . . . 

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Sunday, July 13, 2008 | 10:16 PM | Permalink | Comments (50) | TrackBack (0)
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Comments

Please kill me if Larry Kudlow declares this the "Don Luskin bottom" or "Dennis Kneale bottom" something to that effect =)

Posted by: HCF | Jul 13, 2008 10:20:45 PM

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