Government may soon back troubled mortgage giants

[babsbunny]

http://news.yahoo.com/s/ap/mortgage_giants_crisis;_ylt=AtQgrA1Zik3TtEjBkTgexuCs0NUE



By ALAN ZIBEL, AP Business Writer 1 hour, 24 minutes ago

WASHINGTON - The government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the nation's mortgage debt, a person briefed on the matter said Friday night.


Some of the details of the intervention, which could cost taxpayers billions, were not yet available, but are expected to include the departure of Fannie Mae CEO Daniel Mudd and Freddie Mac CEO Richard Syron, according to the source, who asked not to be named because the plan was yet to be announced.

Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and James Lockhart, the companies' chief regulator, met Friday afternoon with the top executives from the mortgage companies and informed them of the government's plan to put the troubled companies into a conservatorship.

[icnorth]

1. How sweet it is...

the GOP's corporate socialist agenda, the gift that keeps on giving.

[Warren Stupidity]

2. Headline Fails.

Fannie Mae and Freddie Mac have collapsed and are being taken over by you and me. We are going to pick up the tab for the bailout that will keep all the hedge funds that bet on the mortgage market from also failing, to the tune of (insert a very large and currently unknown number here). Intervention? Troubled? WTF? The central banking system's quasi-private mortgage corporation, another fabulous privatization effort brought to you by the Chicago NeoLiberal Gang of Capitalist Crooks, collapsed and they are pretending it has personal problems and needs help from its friends.

[FreakinDJ]

3. Its the "Economy Stupid"

Fucking Ratpublicans never saw a corporate scam they didn't like.

This Loan Institution Debacle is purely the work of John McCain and Phil Gramm. Can't wait to hear some Freeptard chant "But I don't want to bail out the speculators" The speculator is some poor working stiff who paniced and bought into a housing market inflated by the bullshit ARM loans.

Don't worry, when his house next door is foreclosed the bank will dump the price and you'll lose 50% of the equity you have worked so hard to build

[SoCalDem]

4. was there ever any doubt??

Are they going to also sieze bank accounts and revoke all those bonuses?? ahahahahaha..

We've all just been snookered again by the right wingers..

Poor George.. he probably thought he could keep all these things under wraps until ...say Feb 09, so his cronies could blame it all on an Obama administration...but the damned beast escaped :(

banks tanking
housing tanking
coming soon....the new 001-k... the next shoe to drop:(

[williesgirl]

5. Let them fail and take their knocks downstream like they deserve. Can you imagine the severance pkg

they'll get from us? Fuck them all. rec'd