Aaron Krowne of ML-Implode.com, Russ Winter of Winter Watch, and the Wall Street Examiner’s Lee Adler discuss the latest in the ongoing mortgage scams saga, the “brilliance” of Bank of America’s strategy, the outlook for stocks, and the reasons why the Fed will likely find it difficult to follow through on its hints at additional market support operations.
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Note to subscribers: We have received direction from the Fed to a definition of the “Other” Deposits. They are: Other deposits at Federal Reserve Banks include balances of international and multilateral organizations with accounts at FRBNY, such as the International Monetary Fund, United Nations, International Bank for Reconstruction and Development (World Bank); the special checking account of the ESF (where deposits from monetizing SDRs would be placed); and balances of a few U.S. government agencies, such as the Fannie Mae and Freddie Mac.
The simple, most benign explanation is that these are deposits of Fannie and Freddie as they receive massive prepayments of loans being refinanced. For those of you who believe in darker conspiracies, see the part I have put in bold.