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The Mortgage Meltdown Explained with Charles Duhigg
posted by David Wolf on May 28, 2009 | Comments (12) | Permalink | Trackback URL
More recently, he’s been reporting on the extraordinary issues at the forefront of the US economy…all of are effecting small business owners…
Here are the show notes from this edition:
1. Let’s get right into it—-the mortgage meltdown and subsequent deep recession. About 6 weeks ago, I heard you gave an extremely coherent, and accessible overview of the progression of economic events leading to where we are today—-culminating your description of the current inability to readily identify the so-called toxic assets in the mortgage securities markets. If you would, give us a cliff-note version for our audience of entrepreneurs so they can better understand the progression as it unfolded and why it’s created the lending difficulties they’re experiencing at the street level?
2. In your March 2 Article U.S. Likely to Keep the Reins on Fannie and Freddie you’re discussing the near-if-absolute-nationalization of Fannie May & Freddie Mac…and with it, the suggestion that these once-government, then privatized organizations, may never be the same in terms of the collateral damage is being done internally. Why are these 2 entities the only lubricants at the US government’s disposal to get mortgages moving again?—-and behind that question—-why do think it might be so difficult to re-privatize them on down the line?
3. Let’s turn to the small business environment, this is our core audience—— This week the Obama administration announced measures designed to help loosen credit facilities for small businesses. Any thoughts or comments on the structure or substance of the package?—-And how do we know the banks will actually start making loans again—-do we have confidence that they’ll behave accordingly?
a. 90% Guarantees of SBA Loans
b. Reduction of Origination Fees
c. 15 Billion in loan purchases to provide capital for new loans
4. Finally—-back to the broader economic picture…Many have suggested that we still have some serious credit issues left to unwind—-auto loan portfolios, consumer credit portfolios, combined with an environment of rising unemployment, so forth. Assuming these shoes will ultimately drop—- does the US government have enough tools in it’s toolkit to continue to (at least somewhat) mitigate against catastrophe?
5. From your perspective, what might this pending unraveling look like for the US alone for the next 3-5 or even 10 years down the line?
FILED IN: Business Ethics, Entrepreneurship, Finance, Legal, Management, News & Events, Politics and Small Business
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Mortgage rates fell again this week, and with the average rate of 30-year fixed-rate mortgage retreating deeper under 5% and a few others reaching lower ranges based on Freddie Mac’s weekly study.
After yields of Treasurys rebounded from the multi-decade lows hit in early 2009, they’ve since retraced, cutting down mortgage rates aong with them.
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