The Bush administration is urging China’s central bank to buy more government-backed mortgage bonds in an effort to sustain financing for U.S. home loans.
U.S. Department of Housing and Urban Development Secretary Alphonso Jackson is in Beijing to persuade the Chinese central bank to buy more securities from Ginnie Mae, a corporation under HUD that guarantees $417 billion in federally insured, fixed-rate mortgages.
What more is there to say? (Hat tip: Macro Man).