oh oh. Ginnie Mae President Murin Said to Resign Tomorrow

[dixiegrrrrl]

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aHgm_OyPHTws

but Deninnger thinks Murin is fleeing a sinking ship:

"Yeah, ok. This has nothing to do with an impending explosion over there, right?

Herein lies the problem. The FHA’s standard insurance program today is notoriously lax. It backs low downpayment loans, to buyers who often have below-average to poor credit ratings, and with almost no oversight to protect against fraud. Sound familiar? This is called subprime lending—the same financial roulette that busted Fannie, Freddie and large mortgage houses like Countrywide Financial.

Riiiight.

The FHA/Ginnie program has turned into a toxic waste dump, with the shysters from the Subprime world having moved over there. I know, I know, I get emails from the folks claiming otherwise all the time."
http://market-ticker.denninger.net/archives/P1.html

[KoKo]

1. Amazing...They were buzzing on CNBC couple months ago that Ginnie was safe..

hadn't gotten into the mess Fannie and Freddie did.

This doesn't sound good...but then many of us who try to keep up knew there was much more to come...none of it good.

[notesdev]

4. I heard the same thing on the radio just this evening -nt

[CoffeeCat]

2. My husband is a big Bob Brinker fan..

...and Brinker is always touting Ginne Maes as a solid investment.

My husband is convinced that the economy is on the upswing.

I'm interested to know how my husband, and others who believe in these solid financial institutions,
will handle this news.

[dixiegrrrrl]

3. Mr. D. refuses to believe the evidence I put in front of his eyes, too.

thank god he lets me handle the money.
Everytime I hear the media touting something is "safe" nowdays, I go in the opposite directon.
Cramer has some uses after all.