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  1. #1
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    Government may take over FNMA and FHLMC this weekend

    The Associated Press is reporting that Fannie Mae and Freddie Mac are expected to be taken over by the government as soon as this weekend.

    Link:
    Gov't may soon back Fannie, Freddie: Financial News - Yahoo! Finance


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  2. #2
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    Re: Government may take over FNMA and FHLMC this weekend

    The Chinese central bank holds more than $340 billion in Agency debt from these entities.

    http://64.233.169.104/search?q=cache...nk&cd=10&gl=us

    More details on the potential takeover courtesy of the Wall Street Journal:

    Link:
    U.S. Near Deal on Fannie, Freddie - WSJ.com


    Last edited by alaskaguy; 09-05-2008 at 11:14 PM.
    "If the facts don't fit the theory, change the facts." Albert Einstein
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  3. #3
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    Re: Government may take over FNMA and FHLMC this weekend

    I was about to post a thread on this, but my title was going to be.....oh ****.

    That is a really, really bad deal.



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    Re: Government may take over FNMA and FHLMC this weekend

    I understand the this, but my question is... why?

    Interest rates are still incredibly low by most standards... Right? Weren't mortgage rates in the teens to 20% in the early to mid 80's?

    I just don't understand why the Govt. continues to throw money around like this.



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    Re: Government may take over FNMA and FHLMC this weekend

    As an aside, if serious, and I mean heart attack serious, financial reform does not happen after this cluster****, then Washington DC should be marched upon with torches and pitchforks. The fact that this was allowed, no, encouraged to get this far is a travesty of epic proportions.



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    Re: Government may take over FNMA and FHLMC this weekend

    If you want to know how Fannie Mae and Freddie Mac have survived scandal and crisis, consider this: Over the past decade, they have spent nearly $200 million on lobbying and campaign contributions.

    Link:
    Fannie, Freddie spent $200M to buy influence - Lisa Lerer - Politico.com


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  7. #7
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    Re: Government may take over FNMA and FHLMC this weekend

    You freaking guys are gonna turn me into a conservative.



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    Re: Government may take over FNMA and FHLMC this weekend

    Quote Originally Posted by alaskaguy View Post
    If you want to know how Fannie Mae and Freddie Mac have survived scandal and crisis, consider this: Over the past decade, they have spent nearly $200 million on lobbying and campaign contributions.

    Link:
    Fannie, Freddie spent $200M to buy influence - Lisa Lerer - Politico.com
    So now they spent $200M of tax payer money... to get bailed out by more tax payer money?



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    Re: Government may take over FNMA and FHLMC this weekend

    Quote Originally Posted by superdorf View Post
    I understand the this, but my question is... why?

    Interest rates are still incredibly low by most standards... Right? Weren't mortgage rates in the teens to 20% in the early to mid 80's?

    I just don't understand why the Govt. continues to throw money around like this.
    Interest rates are a tricky thing. The government should REALLY raise them right now to help curb inflation. The downside to that is that raising them also slows down the economy, and when you're teetering on recession, that's a tough call. Fortunately there hasn't been a wage-price spiral that is the really bad news when it comes to inflation. If that happens, then you end up where we were in the late 70s through the 80s.

    Fannie and Freddie are in trouble, and their collapse would be devastating to the economy. I think it was inevitable that the government step in at some point. They both need to go away, IMO.


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    Re: Government may take over FNMA and FHLMC this weekend

    Quote Originally Posted by superdorf View Post
    You freaking guys are gonna turn me into a conservative.
    Our strategy is working!



  11. #11
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    Re: Government may take over FNMA and FHLMC this weekend

    Mortgage Rates and the rate the fed adjusts are not the same.



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    Re: Government may take over FNMA and FHLMC this weekend

    Quote Originally Posted by superdorf View Post
    You freaking guys are gonna turn me into a conservative.

    Join us, it's great over here.............


    Since we are an elite team now, let's go get that One Cyclone Moment.
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  13. #13
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    Re: Government may take over FNMA and FHLMC this weekend

    Quote Originally Posted by Cyclonepride View Post
    I was about to post a thread on this, but my title was going to be.....oh ****.

    That is a really, really bad deal.
    I think this is a really good thing. I mean we all know government makes things much more efficient.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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    Re: Government may take over FNMA and FHLMC this weekend

    Quote Originally Posted by brianhos View Post
    I think this is a really good thing. I mean we all know government makes things much more efficient.
    Wait, so now Superdorf is becoming a conservative, and Brianhos becomes a liberal?????

    I am so glad he's using sarcasm.


    Since we are an elite team now, let's go get that One Cyclone Moment.
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    Re: Government may take over FNMA and FHLMC this weekend

    I thought there has been a conservative in the White House for the last 7 years. At least that is what I was told before I voted for him.



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