This whole mortgage mess is playing like a Heroes episode. It's hard to distinguish the good from the bad.
Today, WSJ is reporting that Charles Schumer urged regulators to examine potential risks posed by a sharp increase in lending the FHLB.
"I am concerned that the loans being pledged by Countrywide to secure these advances (borrowings) may pose a risk to the safety and soundness of the FHLB system as a whole."
So Charles Schumer, who wanted to raise the maximum loan amount for Freddie and Fannie, is fighting to ensure that the FHLB is not using tax payer dollar to bail out Countrywide. You gotta love this stuff.
Go Charles!
http://online.wsj.com/article/SB119610325216704176.html?mod=googlenews_wsj
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