Sometimes I hate it when I am right. Bush and the gang once again bail out the Corporate CEO's on the backs of the taxpayers. Below is Fannie Mae and Freddie Mac info from CNN and then some links to my past posts. My previously stated estimate of over $100 million may be low....
U.S. seizes two mortgage giants
Federal officials today announced an extraordinary takeover of troubled mortgage giants Fannie Mae and Freddie Mac, signaling the most dramatic move to date aimed at shoring up the nation's housing market. Freddie and Fannie own half the mortgage debt in the country. Since last summer, they have suffered about $12 billion in losses. full story
http://bigdawgtales.blogspot.com/2008/07/corporate-greed-on-way-up-government.html
http://bigdawgtales.blogspot.com/2008/01/we-can-fix-our-economy.html
http://bigdawgtales.blogspot.com/2008/01/american-mortgage-crisis.html
Peace Dude!
2 comments:
I wonder if Freddie and Fannie stocks are headed up or down on Monday?
According to this article, Fannie and Freddie stock remains untouched by conservatorship, and will trade as they always did. This comes directly from Treasury, so I'm quite confident the stocks will trade as normal:
http://www.ehow.com/how_4503604_mac-fre-stock-during-conservatorship.htmlHow to Trade Fannie Mae (FNM) and Freddie Mac (FRE) Stock During Conservatorship
Whether they trade higher or lower remains to be seen!
Actually in my opinion the stock should be suspended or valued at zero if the taxpayers are taking it over. Why should the government step in and protect the stockholders? Is the stock market now a guarenteed investment like the saving account at the bank but with no $100,000 limit?
And I think it's interesting that the new CEO's are from Merrill Lynch and the Carslyle Group.....
Peace
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