Citizens Electoral Council of Australia
Media Release 3rd May 2007
Craig Isherwood, National Secretary
PO Box 376, COBURG, VIC,
3058
Phone: 03 9354 0544 Fax: 03 9354 0166
Email: cec@cecaust.com.au
Website: /
U.S. housing collapse threatens world financial system
As of May 1 the U.S. National Association of Realtors' "Pending Home
Sales Index" was down by 10.5% compared to last year. Three of America's five
leading home-builders have reported massive losses for the first quarter
relative to first quarter 2006. Two more mortgage lending institutions gave up
the ghost over the past 48 hours bringing to 64 the number that have folded
since late 2006. (Click
here for more details)
Despite all this, America's Federal lending agencies, Fannie Mae and Freddie
Mac issued 43% more securities backed by interest-only mortgages in the first
quarter of 2007, compared to the year before, as part of an attempted U.S.
Federal Reserve bailout.
In his May
2nd webcast, LaRouche stated emphatically that the only option for humanity
is a new monetary system now--the timeframe is immediate!
See http://larouchepac.com/ for
more detail, and for updates of this story.
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