Note to Federal Housing Finance Agency:
1. If, as an organization responsible for several trillion dollars in assets, you put an individual who can barely say his own name without a stutter behind the podium during your CNBC covered press conference, you are likely to extinguish what little confidence might have existed in your group's ability to manage a suburban middle-school bake sale, much less a massive foreclosure relief program.
2. Putting the power for participants to qualify themselves for the program by merely ceasing to pay their mortgage payments for three months, making any due diligence on your part impossible by "fast tracking" decisions, especially where the program's benefits include:
A. Lengthening the loan term;
B. Reducing the interest rate, and;
C. Deferring payments until the loan is 38% or so of gross household income,
will expand the programs size to roughly every mortgage in the United States.
3. Any hope of securitizing mortgages cost-effectively after this program is doomed to failure.
4. You may think #3 above is a good thingTM but there is simply no way that even a fraction of the capital formerly in the mortgage market will return if this comes to pass, and, accordingly, any hope of a recovery of any note in the market is utterly doomed.
Just sayin' is all.
Bloomberg: Everyone Sleeps At The Office
Are you just waking up from a nap, perhaps your second of the day? Did you take it under your desk, curled up on the conference room floor, or in a bathroom stall? If the idea of regularly catching a few winks at your place of work sounds like a fireable offense, relax: apparently everyone is doing it, says Bloomberg BusinessWeek. Yes, from the people who brought you "90 percent of Wall Street does calisthenics in the middle of the trading floor," comes "Sleeping On The Job? Good! Overachievers Do." According to BBW, "many Wall Street types use power-napping to make up for lost sleep," at the office. Where do these naps take place? Wherever looks comfy and you can fit a pillow and an eye mask if overhead lights are an issue. Got some colleagues who haven't gotten the memo and continue to rudely pound the keyboard as though they don't know you're trying to get some sleep here? One woman recommended "heading out to the car to recharge." Sleepy Bankers Take Secret Naps [Bloomberg] Sleeping on the Job? Good! Overachievers Do [BusinessWeek] Related: The “Workout Taking Over Wall Street” Involves Treating Your Place Of Work Like Your Own Personal “Curves”