Golden Slacks to make a profit?? Housing Update: All About Fannie Mae – Delinquency rate explodes, book of business now at $3.242 trillion

Golden Slacks update moved to end of post

Oh shxt! I feel like Butch Cassidy and the Sundance Kid looking at that hockey stick cliff of a chart on FANNIE default rates, can’t we just face the Bolivian Army instead?! Maybe they WILL surrender to us!

FNM SD 10.30

courtesy of Tyler Durden @ ZeroHedge

From DirectorBlue, courtesy of Tyler Durden @ ZeroHedge h/t Instapundit. And the ABSOLUTE LOONS in Congress think extending a homebuyer tax credit is the way to spend money in housing when FAN FRED defaults are rising this way? Good Gawd Almighty. The Tarp Congressional Oversight Panel agrees, the Treasury housing plan IS NOT WORKING.

The [Fannie Mae] “seriously delinquent” rate has gone parabolic, increasing by roughly 5% sequentially and just under 300% YoY [year-over-year]. As mere text will simply not do this metric justice, please enjoy this chart of the dataset from Blytic. It tells you all you need to know about the Fed’s containment of the housing problem

The August seriously delinquent single-family number comprised of a 2.87% non-credit enhanced delinquencies and a very bothersome 11.52%, consisting of credit enhanced loans… The deterioration of FNM’s book however did not stop it from increasing the size of its book [loans]. In September Fannie’s total book of business hit $3.242 trillion, up from $3.229 trillion in August and $3.079 trillion in the prior year…

…This trend should bother you, dear taxpayer, because it is your money on the hook here, which is not only massively mismanaged by Bernanke & Co., LLC, but which sees another $80 billion of free funding every month courtesy of the dollar printing press to onboard even more toxic garbage onto your balance sheet….

We have been covering the housing mess extensively, not least because we are in the middle of it here in Phoenix. We discussed the impending FHA bailout (which they still deny they need) here. Our coverage of the impending second collapse in housing courtesy of UBS’ think tank here. Some highlights:

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November 1, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 5 comments.

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