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Wall St Journal Reports Govt to take over Freddie and Fannie
- Thread starter Beachduck
- Start date
Sandcastle
Beach Fanatic
goofer
Beach Fanatic
For fnm, fre. I think the banks should rally.
goofer
Beach Fanatic
I hope that the domestic debt holders (me) will get something as well.
You will be golden....the u.s. govt is backing your debt.
Chickpea
Beach Fanatic
SHELLY
SoWal Insider
Miss Critter
Beach Fanatic
Don't know whether to laugh or cry.
Blog post attached just goes to show how slippery this entire Fannie / Freddie fiasco really is. Every mortgage pass through certificate sold has the following disclaimer on the 1st page of the Investor disclosure...
“ARE NOT GUARANTEED BY THE UNITED STATES, AND DO NOT CONSTITUTE A DEBT OR OBLIGATION OF THE UNITED STATES OR ANY OF ITS AGENCIES OR INSTRUMENTALITIES OTHER THAN FANNIE MAE”
$700B in sub-prime and Alt-A paper @ 20% loss rates = $140B cost to taxpayers, not to mention the cost to the economy, entire neighborhoods, American families today and the costs this will impose on future generations.
If the USA was public not only would we be shorting stock in the USA like crazy but we would be storming Congress and "frog marching" every member off to prison who failed to take action years ago.
http://mrmortgage.ml-implode.com/20...e-you-ever-seen-one-bill-gross-must-not-have/
“ARE NOT GUARANTEED BY THE UNITED STATES, AND DO NOT CONSTITUTE A DEBT OR OBLIGATION OF THE UNITED STATES OR ANY OF ITS AGENCIES OR INSTRUMENTALITIES OTHER THAN FANNIE MAE”
$700B in sub-prime and Alt-A paper @ 20% loss rates = $140B cost to taxpayers, not to mention the cost to the economy, entire neighborhoods, American families today and the costs this will impose on future generations.
If the USA was public not only would we be shorting stock in the USA like crazy but we would be storming Congress and "frog marching" every member off to prison who failed to take action years ago.
http://mrmortgage.ml-implode.com/20...e-you-ever-seen-one-bill-gross-must-not-have/