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US Treasury to sell $142 bn of mortgage assets
WASHINGTON (AFP) – The US Treasury Department on Monday said it would start selling-off mortgage-backed securities worth an estimated $142 billion, in an effort to close another chapter of the financial crisis.
The department said each month it will offload up to $10 billion in mortgage-backed securities (MBS), assets which bundle together large numbers of mortgages....
The products, secured by state-backed mortgage giants Fannie Mae and Freddie Mac, were bought as part of the 2008-2009 financial sector bailout.
...The Treasury has recently offloaded equity stakes in Citigroup, General Motors, Ally Financial and American International Group that it took on to help them survive the crisis.
AIG recently offered to buy back $15.7 billion in mortgage-backed securities from the Federal Reserve as part of its effort to emerge from a government bailout.
http://news.yahoo.com/s/afp/20110321/ts … rtyfinance
a win-win for all?
America needs to start buying its assets.
The worst part of the financial crisis is we are no longer owners - will this further deplete our American ownership?
China is lowering its stake in America - will the BRIC countries buy these assets?
How will the global economy change?
A note of interest that one will not see reported in the media.
It was reported on 3/23/11 that the Federal Reserve Central Bank is making a record $79.3 billion payment for 2010 to the US Treasury. In 2009 the Fed paid into the treasury $47.4 billion which was the previous record. The Federal Reserve central bank earned a record $81.7 billion from its massive holdings of securities which were purchased to help stabilize the financial systems and pull the economy out of the recession. A portion of the earnings goes to funding the Fed, which receives no appropriations from Congress. Any money left over is turned over to the US Treasury Department.
The money returned should be used to pay down the deficits according to the Tarp Legislation. The battle in Congress is for the Obama administration to use the money to pay down the debt as required by the law. The question is will President Barak Obama and Congress follow the law?
Wow... if only people knew how deep this rabbit hole went. Hmmm... so now, these Mortgage Backed Securities - owned by the REAL investors who hold our mortgage notes are being sold. Not only do these investors hold our mortgages, the banks and lenders who collect on our monthly payments claim to hold them... that isn't possible because of securitization, but far too many people don't know this.
The truth is for all of these MBS that are being sold - the homes and mortgages secured by them should be terminated. If the MBS are selling your mortgage note, there is no reason a bank or lender can still claim they own it!
Great post... thanks for the info!
http://dailybail.com/home/inside-job-dy … rguso.html
I read the first four chapters of THE CREATURE FROM JEKYLL ISLAND, by G. Edward Griffin. It is about the cartel known as the Federal Reserve. Every American should read this book.
by fishskinfreak20088 years ago
These include: BOA, AIG, GM, Chrysler and Citigroup. THIS IS LONG OVERDUE
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by American View6 years ago
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by Moderndayslave7 years ago
With the Gramm, Leach, Bliley Act effectively pulling the teeth from Glass Steagall and the Commodities Futures Modernization Act of 2000 opening the casino doors for Wall St. Did senator Phill Gramm and Congress...
by dutchman19516 years ago
...Title should say Raise the Debt, not Deb.. sorry.A facinating Article below. From Huffington Post. Is it a real possibility that President Obama could, or should Bypass and Ignore Congress, If...
by Ralph Deeds9 years ago
Paul Krugman's column in the NYTimes today 1-5-08 is entitled "Fighting Off Depression." In it he called the recent economic numbers "terrifying," not just in the U.S. but around the world....
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