In my attempt to translate, I think he said: “I can’t do anything to fix this problem. I can cut rates, but that’s not going to do squat. Now go bug some other government agency.”
Those other government agencies- FHA, Fannie’s- are the ones that the Countrywide’s of the world called slow and out of touch with the “new realities” of the mortgage market. I don’t foresee them happily running to the aid of the market.
And I still think that any government “bailout” that would have a meaningful impact on our problem would be far too expensive and far to complex to get off the ground.
But I will admit to at least being a little worried. . .
