Free Republic

From 2002 to 2007, Fannie Mae and Freddie Mac loaded up on $1.73 trillion of subprime and $1.44 trillion of Alt-A loans and securities, taking a lion's share of these markets, according to mortgage market guru Ed Pinto. The agencies' share of loans and securities, then, was higher than the total for all private label mortgage-backed securities market held outside the agencies' purchases -- contrary to widely held views in the mortgage markets. The two agencies hid the level of risky lending and investment in securities by failing to classify the loans initially as subprime or Alt-A.

The Park City resort also won individual categories for grooming, mountain service, dining and lodging. More than 20,000 readers participated in the survey, the most comprehensive of its kind. Deer Valley's ratings has never dropped lower than third overall in the past nine years... A third consecutive top ranking wasn't expected given competition from other fancy ski resorts around the U.S. and Canada.

Fitch: Alt-A Mortgages Deteriorating More Rapidly than Expected By PAUL JACKSON December 15, 2008 Citing “a rapid deterioration of U.S. Alt-A RMBS performance,” Fitch Ratings again took the hatchet to its previous assumptions for Alt-A mortgages on Monday morning, revising its surveillance methodology and updating loss projections for all U.S. Alt-A RMBS. Fitch said it now expects losses on all Alt-A collateral to far exceed the estimates of its ‘moderate stress’ scenario in its late ratings update earlier this year. “Market developments, ongoing home-price declines and loan performance trends in the Alt-A sector over the prior six months have effectively...

PARK CITY, Utah (AP) - The two dozen FBI agents who swarmed Park City Mountain Resort weren't busting anybody Friday. They weren't even armed - unless you count the sharp ends of ski poles. With the temperature near zero, agents hit the slopes - some on challenging runs, others on bunny hills - in an unusual drive to publicize the FBI and perhaps attract a few recruits. Many skiers and Park City regulars were perplexed or even a bit unnerved. Some thought the whole effort was nutty. Jokes were flying about agents skiing on the public dime, but nobody seemed...