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April 07, 2005
Crack Of Doom?
Posted by Dana Blankenhorn
Much of the media ignored or downplayed Alan Greenspan's remarks yesterday on Fannie Mae and Freddie Mac, the two huge mortgage guarantors.
History may well show this to have been a significant event. Greenspan admitted the U.S. economy has no clothes.
Greenspan said he wants the two agencies limited to holding $200 billion in paper. Right now they hold $1.3 trillion. The regulator in charge of these agencies has quit, in an "accounting scandal" that may result in a "restatement of earnings" totaling $9 billion, and while Greenspan downplayed the potential impact of a change, mortgage experts know better.
I will have more on how this could play out in my a-clue.com newsletter, being sent to subscribers tomorrow. A copy of that story will then be posted here.
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Dana Blankenhorn has been a business journalist for over 25 years and has covered the online world professionally since 1985. He founded the "Interactive Age Daily" for CMP Media, and has written for the Chicago Tribune, Advertising Age, and dozens of other publications over the years.
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