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Fannie and Freddie to Step it Up

According to REAL Trends, Fannie and Freddie notified bond traders last week that each company needs to purchase $20B per MONTH in underperforming mortgage securities.  Their efforts are separate from the $700B bailout deal that was ratified last week.  It will be interesting to watch the 2 companies, themselves laden with under-and-non-performing debt, bloat up even more on subprime paper…

 

Hopefully we’ll begin to see some positive results from the efforts in the Phoenix real estate and Scottsdale real estate markets in the next 4-6 months…

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