3 Days

Moviegoers in France saw this poster of Gil Kenan's Monster House.

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"The house is a castle which the King cannot enter." -- Ralph Waldo Emerson

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Fannie Mae Set To Become Largest US Landlord

Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.

The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that. -- AP

The catch: Fannie will be able to hold the home as not listed for sale. In essence the shadow inventory of millions of zombie houses will skyrocket overnight, further complicating any objective analyses of how many houses are available on the market (the answer: many, many more than you think, but the exact number escapes us).

It is clear now that the Fed will do everything in its power to attempt a reflation of the previous housing bubble, instead of wiping the slate clean. Taxpayer losses be damned: there are investment banks with horrendous balance sheets that need bailing out.

At the end of the day the question as always is who wins and who loses. And in the ongoing escalation of the conflict between Wall Street and Main Street, it is once again no surprise on whose side the Obama administration has decided to position itself. -- Zero Hedge

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3 days, and counting... to the implosion of the dollar.

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