la FED ha vuelto hoy a intervenir en el mercado ya que los futuros USA antes de abrir el mercado marcaban caídas:
en carpatos:
En estos días creo que quedó algo claro, muy claro. El mercado no es libre. Nunca lo ha sido y nunca lo será. La FED impide por activa y por pasiva que las bolsas bajen. No siempre puede evitar que lo hagan, pero en lo que su mano esté esa es su política. Estar corto en el mercado, no es simétrico a estar largo. Cuando Wall Street sube nadie interviene. Hay que asumirlo. En cualquier caso la lucha actual además de por que no baje la bolsa era por evitar una grave crisis sistémica. De momento la FED parece haber ganado la batalla. El mercado no va a admitir una segunda quiebra bancaria que podría resquebrajar el sistema. Si se produce la bolsa caería aunque la FED saque más conejos de la chistera. La FED lo sabe, y hará lo que sea incluida la compra de futuros en el mercado abierto. Lo que sea es lo que sea. Nunca hubo un mercado libre, y esas son las reglas del juego, que hay que conocer para poder jugar.
Hoy hay muchos comentarios en EEUU en este sentido con analistas como este del enlace que acusa a la FED de exceso de intervencionismo y de tener al equipo de protección de mercados, que no es una leyenda cuidado, recuerden que el propio Bernanke lo reconoció, haciendo horas extras. Vean esta cita:
"How about the DOW sell-off immediately after the 2:15 announcement (investors were disappointed with a 75bp cut -- they expected 1%) and the PPT rescue, and huge rally later in the day?"
Este es el enlace de Safe haven donde aparece el comentario:
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Estar corto es ir contra la FED, estar largo es recibir su bendición. Por un lado la circunstancia actual es muy especial con una crisis muy grave que está intentando evitar, pero por otra no se sabe si los efectos secundarios de esto serán peores. No lo sé.
además ha habido rescate de Fannie Mae y Freddy Mac:
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Fannie, Freddie Surplus Capital Requirement Is Eased (Update2)
By James Tyson
March 19 (Bloomberg) -- Regulators for Fannie Mae and Freddie Mac cut the companies' surplus capital requirement in an effort expand their combined $1.5 trillion in mortgage investments and revive the U.S. home-loan market.
The requirement was lowered to 20 percent from 30 percent, the Office of Federal Housing Enterprise Oversight said in a news release today. The government-chartered companies, the largest sources of money for home loans, also agreed to raise a ``significant'' amount of new capital, Ofheo said.
The initiative may immediately pump $200 billion into the mortgage-backed securities market, Ofheo Director James Lockhart said at news conference in Washington today. Combined with a lifting of portfolio caps on March 1 and the companies' existing capabilities, this should allow Fannie Mae and Freddie Mac to buy or guarantee about $2 trillion in mortgages a year, Ofheo said.
This will ``go a long way to stabilizing panicky markets,'' Howard Shapiro, an analyst at Fox-Pitt Kelton Cochran Caronia Waller, wrote in a report to clients yesterday.
Fannie Mae and Freddie Mac led the Standard & Poor's 500 stock index higher today, and U.S. Treasuries pared gains amid reduced concerns that credit market losses will deepen. Fannie Mae rose $3.61, or 13 percent, to $31.83 as of 10:10 a.m. in New York Stock Exchange composite trading. Freddie Mac was up $3.09, or 12 percent, to $29.11, after rising the most ever yesterday.
Housing Slump
The worst housing slump since the Great Depression is being exacerbated by the limited ability of Americans to get mortgages or refinance loans amid tightened standards at money-losing banks. Issuance of non-agency mortgage bonds fell 33 percent last year to $707 billion, according to newsletter Inside MBS & ABS.
``Our hope is that it will help restart the housing engine that powers our economy,'' Fannie Mae Chief Executive Officer Daniel Mudd said at a news conference in Washington today with Freddie Mac CEO Richard Syron and Ofheo Director James Lockhart. ``This is what the GSE's were put in place for, to deal with situations like this and we will deliver,'' Mudd said.
Created by Congress to boost homeownership, Fannie Mae and Freddie Mac profit by holding mortgages and mortgage bonds as investments and by charging a fee to guarantee and package loans as securities. They own or guarantee at least 40 percent of the $11.5 trillion in U.S. residential-mortgage debt outstanding.
$53 Billion
Fannie Mae and Freddie Mac have said they were limited in how much assistance they could offer amid regulatory constraints and rising losses. Fannie Mae, the largest source of money for home loans, posted a record $3.55 billion fourth-quarter loss as rising foreclosures sent credit costs soaring. Freddie Mac reported a record $2.45 billion net loss for the period.
The 30 percent surplus capital constraint most recently tied up as much as $53 billion at the two companies combined -- based on core capital on Dec. 31 -- that could have been invested in the mortgage market.
Yields on Fannie Mae's five-year debt over five-year U.S. Treasuries fell 2 basis points to 88.5 basis points at 9:45 a.m. in New York, down from 115 basis points on March 14, the lowest since Feb. 29, according to data complied by Bloomberg. The difference in yields on the Bloomberg index for Fannie Mae's current-coupon, 30-year fixed-rate mortgage bonds and 10-year government notes fell about 17 basis points, to 168 basis points, matching a three-week low on March 17.
Raising Capital
The companies didn't say today how or when they would raise the additional capital.
Fannie Mae in December raised $7 billion in a preferred stock sale and cut its dividend by 30 percent, while Freddie Mac in November sold $6 billion in preferred stock and halved its dividend to bolster cash reserves amid mounting credit losses and asset writedowns stemming from the housing market collapse.
``It's critical for them to have additional capital,'' Lockhart said at the new conference. ``These companies are safe and sound and we're going to ensure by our everyday oversight that they continue to be safe and sound,'' Lockhart said.
Credit-default swaps tied to Fannie Mae's senior bonds dropped 8 basis points to 50 basis points, according to broker Phoenix Partners Group in New York, suggesting a decline in perceived risk. Freddie Mac fell 7 basis points to 51.
Credit-default swaps are financial instruments based on bonds and loans that are used to speculate on a company's ability to repay debt. They pay the buyer face value in exchange for the underlying securities or the cash equivalent should a borrower fail to adhere to its debt agreements.
Profit Potential
The capital surcharge is one of the last remaining restrictions imposed on the companies after $11.3 billion of accounting misstatements. The Bush administration, trying to stem the crisis, has gradually eased constraints on Washington-based Fannie Mae and McLean, Virginia-based Freddie Mac. Ofheo lifted a ceiling on the companies' mortgage assets and raised a limit on the loans they buy to $729,750 from $417,000 in some counties.
Lawmakers including Senate Banking Committee Chairman Christopher Dodd and Senator Charles Schumer have called on Ofheo this year to relax the excess capital requirement.
``These are extraordinarily difficult times for the markets, and targeted, immediate action is necessary,'' Schumer, a New York Democrat, said yesterday in a statement. ``A nickel-and-dime approach to freeing the GSEs to become more active in the market will not suffice.''
Capital Relief
The Bush administration, including Ofheo and the Treasury, resisted loosening restraints on Fannie Mae and Freddie Mac before the creation of a tougher regulator for the companies because of the accounting mistakes.
``We need to be careful about trying to over rely on the GSEs because the GSEs have a lot of challenges already and there's only so much of a role that they can play'' in solving the subprime mortgage crisis, U.S. Federal Deposit Insurance Corp. Chairman Sheila Bair said in a Bloomberg Television interview yesterday.
Fannie Mae and Freddie Mac are effectively getting ``capital relief without giving in on regulatory reform,'' Shapiro wrote.
Lockhart on Feb. 7 told the Senate Banking Committee that Fannie Mae and Freddie Mac need to sustain reserve capital against rising foreclosures and cautioned against encouraging the companies to expand their mortgage assets.
To contact the reporter on this story: James Tyson in Washington at
jtyson@bloomberg.net.
Last Updated: March 19, 2008 10:16 EDT
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