Politics in 60 Seconds: What You Need To Know Right Now

leon panetta

1. 30-year mortgage rates in the United States are over 5% for the first time since the spring of 2010.  This presents a “challenge” for the still-struggling housing market. 

2.  90-five per cent (95%) of new home loans are either owned or backed by Fannie Mae and Freddie Mac.  Economist fret that if Fannie and Freddie are phased out too quickly, the US housing market will crumble anew.  The Obama Administration will offer its plans for dealing with Fannie and Freddie today.  

3.  Everybody assumed Egyptian President Hosni Mubarak was going to leave, but he didn’t.   No one really knows what happens next.  The military said it would support Mubarak and the regime. 

4. US policy toward Egypt (and the region) has been a roller-coaster ride for those making it these past few weeks.  Stratfor provides an excellent recap

5. Activist conservatives gathered in Washington for the annual CPAC conference. They’re looking for a conservative presidential candidate for 2012.  They haven’t found him or her yet. 

6. The GOP House leadership said it would propose deeper budget cuts for the current year. Conservative members demanded that they do so. 

7.  Arizona Sen. John Kyl, the second-ranking Republican in the Senate, announced yesterday he would not seek re-election in 2012.  Mr. Kyl is 68 years old. 

8. Economic and cultural divergence in the Eurozone threatens to undo years of integration. Divergence in the United States is less immediately apparent, but as threatening

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