主题：【编辑】美国经济周报2010年10月第1期 -- 南方有嘉木
可能多打了第一个“不”字？
反正联储制造出来的流动性需要一个目标。银行有了钱，干脆把disclosure延期到无穷远。这样欠了银行钱的人没有被赶到大街上，也不会造反。
就像现在争论的东汉明帝那个动不动来一个“赐天下男子爵，人二级；三老、孝悌、力田人三级”那样，自上而下清零总比自下而上来的安稳。不过玩不好就成了当年俄罗斯那个全民赠送债券了。
主要涉及到两个问题
所有权的法理问题
银行的OPERAITING EXPENSE和MBS的交易。
前者会动摇美国的法制根本，后者会让银行破产。所以另一场金融危机正在蕴酿中。现在就要看美国的经济和政治以及法律系统如何互动了。这比前一次向银行注资所涉及到的MORAL HAZARD 要复杂得多。它需要解决得很快以避免危机的扩大，但由于它必须由政府和法律系统来解决，所以没法解决得快。因为尽管表面上看来很简单，但其中涉及到的法理问题和案件潜在的广泛性却使它的处理变得很困难。这里有一个很好的总结
http://pragcap.com/subprime-debacle-act-2
晚上看NBC，Bank of America 宣布在23个州重新开始foreclosure的程序，最近一段股价压力太大了吧。记得WellsFargo 没有理这个茬去freeze foreclosure.
国内调控的目标和目的的两个基础是相互矛盾与冲突的，非铁腕不足以调控。
http://www.bloomberg.com/news/2010-10-19/pimco-new-york-fed-said-to-seek-bank-of-america-repurchase-of-mortgages.html
Oct. 19 (Bloomberg) -- Pacific Investment Management Co.,
BlackRock Inc. and the Federal Reserve Bank of New York are
seeking to force Bank of America Corp. to repurchase soured
mortgages packaged into $47 billion of bonds by its Countrywide
Financial Corp. unit, people familiar with the matter said.
The bondholders wrote a letter to Bank of America and Bank
of New York Mellon Corp., the debt’s trustee, citing alleged
failures by Countrywide to service the loans properly, their
lawyer said yesterday in a statement that didn’t name the firms.
Investors are stepping up efforts to recoup losses on
mortgage bonds, which plummeted in value amid the worst slump in
home prices since the 1930s. Last month, BNY Mellon declined to
investigate mortgage files in response to a demand from the
bondholder group, which has since expanded. Countrywide’s
servicing failures, including insufficient record keeping, may
open the door for investors to seek repurchases by bypassing the
trustee, said Kathy Patrick, their lawyer at Gibbs & Bruns LLP.
“We now are in a position where we have to start a clock
ticking,” Patrick, who is based in Houston, said today in a
telephone interview.
MetLife Inc., the biggest U.S. life insurer, is part of the
group represented by Gibbs & Bruns, said the people, who
declined to be identified because the discussions aren’t public.
TCW Group Inc., the manager of $110 billion in assets, expects
to join BlackRock, the world’s largest money manager, and Pimco,
which runs the biggest bond fund, in the group, the people said.
Countrywide also hasn’t met its contractual obligations as
a servicer because it hasn’t asked for repurchases itself and is
taking too long with foreclosures, either because of document or
process mistakes or because it doesn’t have enough staff to
evaluate borrowers for loan modifications, Patrick said. If the
issues aren’t fixed within 60 days, BNY Mellon should declare
Countrywide in default of its contracts, she said.