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Alert #5
The Storm Has Begun
The Storm Has Begun
Fannie Mae and Freddie Mac – Fed Takeover
Help for Homeowners Facing Foreclosure
More on the Euro – It may not recover
Help for Homeowners Facing Foreclosure
More on the Euro – It may not recover
Breaking News
Fannie Mae and Freddie Mac, the primary U.S. mortgage guarantors and holders of a large percentage of US mortgages, are being taken over by the U.S. Treasury Dept., according to an article in the Wall Street Journal (cited in CNN News). Previously the Federal Reserve Board had taken steps to help these lending organizations stay on their feet, but the effort has failed. Their stock prices has dropped 80% this year.
Stop foreclosure – Stay in your home – Act Now!
A new coalition of homeowner advocates, counselors, and servicers has formed. Called New Hope, it has already helped millions of people to stay in their homes and avoid foreclosure. You can reach them at their website at http://www.hopenow.com or call them at 1.888.995.HOPE.
More on the Euro
Recent events now make it clear that the Euro may not be a good hedge against dollar devaluation or economic collapse. The U.S. recession has now become worldwide, and the European banks have now revealed that their investment losses in US real estate are actually as great, or greater than, those by US banks. They are not verging on collapse as the US banking system is, but when the dollar crashes the Euro may not be far behind.
If you have money in savings accounts, the Euro is probably safer than the dollar, but may begin to lose value after the dollar nosedives. Consider investing at Everbank (http://www.everbank.com/001Currency.aspx), where you can choose the currency for your deposit. For long-term investing, consider gold. See my tips on buying gold: http://www.cqs.com/economicalert/gold.htm.
Standard Disclaimer: The information above, Bad Moon Rising Alerts, and the Bad Moon Rising Reports do not constitute financial advice, but are condensations and distillations of the work of others and a few words of what I believe to be common sense. Please seek out an independent licensed accountant or financial advisor to review the information and references I have provided as well as their own expert knowledge, in order to tailor a financial plan to your circumstances. I cannot be held responsible for the consequences of decisions made based on the information I provide. If I suggest that you stop playing the lottery to save money and your number comes up, don't blame me.
References:
Les Christie, 2 million troubled borrowers avoid foreclosure, CNNMoney.com, August 27, 2008, http://money.cnn.com/2008/08/26/real_estate/Hope_now_hits_two_million/index.htm
David Ellis, Tami Luhby, Jeanne Sahadi, Gerri Willis, Allan Chernoff, Treasury near plan for Fannie and Freddie - report, CNNMoney.com, September 5, 2008, http://money.cnn.com/2008/09/05/news/companies/freddie_fannie/index.htm?cnn=yes
UK Telegragh Staff, BIS slams central banks, warns of worse crunch to come, UK Telegraph online, http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/30/ccbis130.xml
David Ellis, Tami Luhby, Jeanne Sahadi, Gerri Willis, Allan Chernoff, Treasury near plan for Fannie and Freddie - report, CNNMoney.com, September 5, 2008, http://money.cnn.com/2008/09/05/news/companies/freddie_fannie/index.htm?cnn=yes
UK Telegragh Staff, BIS slams central banks, warns of worse crunch to come, UK Telegraph online, http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/30/ccbis130.xml
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