Evening news told about the fannie type banks were having 100 million dollars a day with drawls. Sort of modern day bank run.
Greedy types on both sides of the desk. Juice loans comes to mind.
The house thing got it start in Stockton, CA. The home buyer just made up a income number and was not looked at to much. The values really jumped for a few years and owners come in a sucked out the new margin value and just walked away. The notes were bundled in Hedge funds world wide. The loan bank never held any paper just collected the payment while they were made.
The Fannie type are investment tools for huge retirement type paper.
The gov is in a place of no return. Must save the sorry banks. FDIC insured up to the limit for each account anything above is gone.
The Feds can drop prime to one point and you will see no change.
The happless margin home owners will have to take a lickin and move on.
Nothing is now almost all is built one brick at a time. Bring back the draft?
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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