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