From Interfluidity, a good explanation of what really happened in the Fed-Bear Stearns-JP Morgan deal:
http://www.interfluidity.com/posts/1207251546.shtml
The only thing I’d add is that the U.S. Treasury is actually the counterparty of last resort because it has guaranteed any losses from the deal up to $29 billion. So, the Fed is the counterparty of next-to-last resort. Hmmm.
Categories: Bear Stearns · NY Fed · bailout · counterparty · counterparty of last resort · taxpayers · testimony
Fannie Mae is increasing length of time a foreclosure will stay on your credit report for purposes of mortgage lending from 4 years to 5 years. http://mortgage.freedomblogging.com/2008/04/03/foreclosures-to-ding-borrowers-credit-longer/
Categories: credit record · credit report · foreclosure · mortgage application
