Federal Mortgage policy is "behind the curve"
3/7 Larry Summers Assist Sec Treasury - Mr. Summers ... said federal housing and mortgage policy is "behind the curve." He said the focus on adjustable rate mortgages which are resetting is misplaced; lower interest rates ameliorate that. He estimated 30% of homes with mortgages -- about 15 million in all -- are likely to be worth less than their mortgages. He argued foreclosures are enormously costly and destroy value and thus should be prevented as much as possible. ...He also said estimates that the housing and mortgage bust will reach $400 billion are likely to be "substantially optimistic ". (consider the Ultra Short Financial ETF but it is volatile and only buy it low! SKF) 3/6- But as the Bernanke Fed slashes interest rates to stop a slide in the US housing and stock markets, and expands the MZM money supply, at a hyper-inflation rate of +15.7%, it's also simultaneously blowing enormous bubbles in the precious metals and commodities markets. The sur...