Fannie & Freddie (and as of December-2009, the taxpayer) are on the hook for another $5T, and growing. I expect to see another 20 housing market drop from the current levels, for easily another few $T in market losses. … “This scam program is only limited by the Treasury/Fed decision to say “Uncle” and stop buying. If they don’t stop buying, they can easily pick up another several $T, perhaps another $10T, now that we have a massive boom in the secondary market to …

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Housing Financial Nonsense « Trader Rog's Blog