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Dennis Gartman just hates gold ... all the way to the bank
By Robert Schroeder
CBSMarketWatch.com
Thursday, September 15, 2005
http://www.marketwatch.com/news/story.asp?guid=%7B256435D4-E78C-4938-
A3F6-414DC5A131E4%7D&siteid=mkwt
WASHINGTON -- Federal Reserve Chairman Alan Greenspan sounded a
strong note of caution about the amount of mortgage portfolios held
by housing giants Fannie Mae and Freddie Mac in a recent letter to a
U.S. senator.
Greenspan has repeatedly called for limiting the portfolios of the
two giant companies, which have received heightened scrutiny by the
Bush administration and Congress after accounting scandals, and
again urged action to cap their holdings.
"In the case of the [companies]," Greenspan wrote to Utah Republican
Robert Bennett, "excessive caution in reducing their portfolios
could prove to be destabilizing to our financial system as a whole
and in the end could seriously diminish the availability of home
mortgage funds."
Also in the Sept. 2 letter, Greenspan said the concentrations of
mortgage-backed securities at Fannie and Freddie are "well beyond
what market forces would normally allow" because there are no limits
to the portfolios' expansion.
House and Senate legislation tightening regulation over both
companies has been stalled over the issue of portfolio limits, with
critics claiming proposals don't go far enough in halting portfolio
growth.
House Financial Services Committee Chairman Michael Oxley, R-Ohio,
said he is aiming to get his bill to the House floor for a vote next
week. Wednesday, he and Rep. Richard Baker, R-La., inserted a new
provision in the bill directing some of the companies' after-tax
income to victims of Hurricane Katrina.
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