Fannie and Freddie Taxpayer Funded Bailout coming monday
Well we all knew it was coming. We the taxpayers have to bailout the flippers, speculators, and overupgraders. I don't know I guess it's copacetic that I know somewhere in California and Florida there is a beachfront home with travertine floors and granite countertops that I'm helping prop up price wise so that future porn stars can continue to snort blow and keep the rehab workers employed.
More details will leak out today and tomorrow before Tokyo and Hong Kong open, (irony this bailout is not for us as much as it is for them) hat tip to CR on the links.
Stories (some contradictory on the Preferred shares):
Bloomberg: Paulson Plans to Bring Fannie, Freddie Under Government Control
WSJ: U.S. Near Deal on Fannie, Freddie
WaPo: U.S. Nears Rescue Plan For Fannie And Freddie
NY Times: U.S. Rescue Seen at Hand for 2 Mortgage Giants
LA Times: Fannie, Freddie takeover possible
From the WSJ: Frank Confirms Treasury Intervention To Shore Up Fannie Mae, Freddie Mac
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9 comments:
Thank god they got all this wrapped up before the markets open tomorrow.
Bear Stearns, Fannie, Freddie...Sunday is your friend!
Well I for one am happy. This decision will keep housing prices buoyed in this area and allow so many people to sell without losing their shirts. Good social net, U.S. Government!
Now I would like all of you to pay my car loan and credit cards for me, if you please. When shall I expect you money?
Jim Rogers was quoted as saying that, effectively, they are doubling the federal debt (an extra 5 trillion) in the course of several weeks with this bailout.
God help us.
Yup and the markets are almost lock limit up.
The stupidity of the bulls is beyond belief.
This bounce shall pass like all of the others.
God help us is right.
hmm - all seems alright where I live - guess it is different in 21015!
-Fresh
well fresh prince, this is not about where u live, this is about the whole country, so stop repeating yourself.
fresh
Your crazy cat but a funny one.
Tell me how rosey things are when interest rates rise to 10% in a year or two.
When interest rates are 10% in a year, I'll have more savings than debt. Makes money for me! Heh.
I can keep renting for several more years. When the price is right, I can still buy. I watched high interest rates crippling us in the 1970s/1980s, and our economy survived. It will again. Or else we'll have a lot more to worry about than the APR on our credit.
yup
Cash will be king!
Prices will have to drop so people can qualify as rates rise!
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