Monday, April 11, 2005

Seattle FHLB A "Ticking Time Bomb"

A column at National Mortgage News sounds a warning about the Seattle FHLB. "It's too bad subcommittee chairman Rep. Richard Baker has his hands full with the GSE bill and the Fannie Mae accounting scandal because 3,000 miles to the west there's a nice little GSE time bomb ticking at the Federal Home Loan Bank of Seattle."


At 5:43 PM, Anonymous Anonymous said...

If they think this is a problem, just wait until people start defaulting on their mortgages, interest rates go up, house prices decline, the US dollar collapses, GM and Ford go to junk status, Fannie Mae divests of its holding and China stops buying US bonds. Lets see how those fancy derivatives work then !

This is nothing compared to what is to come.

At 7:40 PM, Blogger Ben Jones said...

I agree. Kinda scary..Ben


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