Posted by seumasach on August 7, 2013
And so will these debts be financed via the bailout of the banks?
6th August, 2013
Buoyed by an improving housing market, President Barack Obama on Tuesday proposed a broad overhaul of the nation’s mortgage finance system, including winding down government-backed Fannie Mae and Freddie Mac. He declared that taxpayers should never again be left “holding the bag” for the mortgage giants’ bad bets.
Posted in Financial crisis | Tagged: dollar collapse, fannie and freddie, Obama agenda, Obama's realist turn | Leave a Comment »
Posted by seumasach on August 18, 2008
NEW YORK (CNNMoney.com) — Shares of Fannie Mae and Freddie Mac tumbled Monday on a report suggesting that a government takeover of the troubled mortgage finance giants is inevitable.
Shares of Fannie (FNM, Fortune 500) and Freddie (FRE, Fortune 500) fell 22% and 25% respectively. Both companies have seen their shares plunge more than 80% since the start of the year.
Posted in Financial crisis | Tagged: fannie and freddie, financial collapse | Leave a Comment »
Posted by seumasach on August 8, 2008
Dr Ellen Hodgson Brown
7th August, 2008
Last week, Congress passed a housing bill that gave the Treasury Department a blank check to inject billions of U.S. taxpayer dollars into mortgage giants Fannie Mae and Freddie Mac, snatching them from insolvency. To accommodate this blank check, Congress obligingly raised its debt ceiling by $800 billion. Ouch! That’s nearly a trillion dollars. Why was it necessary to incur this potentially crippling public debt to bail out two completely private, for-profit behemoths, which have run themselves into bankruptcy with their own risky investment schemes? Policymakers said it was essential to maintain the country’s creditworthiness with foreign lenders, which today hold about one-fifth of Fannie and Freddie securities. According to a July 21 report by Heather Timmons in The New York Times:
One out of 10 American mortgages is, in effect, in the hands of institutions and governments outside the United States.1
Posted in Financial crisis | Tagged: fannie and freddie | Leave a Comment »
Posted by seumasach on July 12, 2008
“It is unclear if Mr Paulson can delay a state bail-out for long. “There is concern that Fannie, Freddie, and Lehman will not be around on Monday,” said one analyst.”
Ambrose Evans-Pritchard
11th July, 2008
The Dow Jones index has plunged below 11,000 for the first time in two years in a fresh rout of bank shares after US Treasury Secretary Hank Paulson dashed hopes for an imminent bail-out of mortgage giants Fannie Mae and Freddie Mac.
Posted in Financial crisis | Tagged: fannie and freddie | Leave a Comment »
In These New Times 