Wednesday, July 1, 2009

Afternoon News Round Up

  • Fannie, Freddie to refinance for homeowners with 125% loan to value ratio. If this is not borderline criminal, nothing is.
    - Move lifts current 105% limit to aid more borrowers struggling to make payments.
    - GSEs to offer new 25 year mortgage for some refinances to accelerate debt payments.
  • Fed purchases USD 2.99bln Aug. 2019 - Feb 2026, Offer/Cover 3.17 vs. Prev. auction of similar maturity 3.14
  • China has asked the G8 Italy summit to discuss issue of new global reserve currency
  • Porsche (VOW GY) considering further production cuts in H2 of year due to weak demand
  • IMF staff recommends USD 150bln cap on the IMF bond issuance
  • Fitch says Russian banks likely to require at least USD22bln in capital
  • Moody's says few US bank rating upgrades are likely in 2009
  • And, surprise, surprise, KB Home founder Eli Broad says housing prices in US near or at bottom now
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