Dateline May 23 2007

Dateline May 23 2007.Statement by HUD Secretary Alphonso Jackson On His Participation In The U. S. - China Strategic ECOMOMIC DIALOGUE. Mish Note: ECOMOMIC? The HUD could not even manage to spell economic correctly in their News Release. 'It's not a matter whether they're going to do more business in mortgage-backed securities, it's who they're going to business with,'' U. S. Department of Housing and Urban Development Secretary Alphonso Jackson told reporters in Beijing. He met with central bank Governor Zhou Xiaochuan and Minister of Construction Wang Guangtao in the nation's capital this week. HUD also plans to approach Chinese commercial banks such as China Construction Bank Corp. and ask them to buy mortgage securities, said Jackson. The housing department wants to sign a memorandum of understanding with construction minister Wang when he visits the U. S. in August, Jackson said without elaborating. The two nations face similar challenges in providing affordable housing to average citizens, he said.

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