WASHINGTON - The Federal Reserve and the Treasury announced steps
Sunday to shore up mortgage giants Fannie Mae and Freddie Mac, whose
shares have plunged as losses from their mortgage holdings threatened
their financial survival.

Secretary Henry Paulson said the Treasury is seeking expedited
authority from Congress to expand its current $2.25 billion line of
credit to each company should they need to tap it and to make an
equity investment in the companies — if needed.

"Fannie Mae and Freddie Mac play a central role in our housing finance
system and must continue to do so in their current form as shareholder-
owned companies," Paulson said Sunday. "Their support for the housing
market is particularly important as we work through the current
housing correction." LMAO!!! "correction" my ass.

The Dow Jones industrials on Friday briefly fell below 11,000 for the
first time in two years and Johnson expects shares of investment banks
and regional banks could fall even lower as investors react to this
weekend's developments.

Fannie Mae and Freddie Mac either hold or back $5.3 trillion of
mortgage debt. That's about half the outstanding mortgages in the
United States.

Shares of Fannie Mae plunged 45 percent last week and are down 74
percent since the beginning of the year. Freddie Mac shares fell 47
percent last week, and have fallen 77 percent so far this year.

Is that Don Meredith I hear singing "turn out the lights the party's
over"...

Tex wrote:

WASHINGTON - The Federal Reserve and the Treasury announced steps
Sunday to shore up mortgage giants Fannie Mae and Freddie Mac, whose
shares have plunged as losses from their mortgage holdings threatened
their financial survival.


Heck, as long as Ellie Mae is ok, why worry?

The government has decided it has a huge role to play in business and is
now covering the losses of their buddies, whose unbridled greed has
caught up with them.

The same buddies who hate government interference and the same
government who loves to spread the gospel of a Free Market place.



mike clampett


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On Jul 14, 12:34 am, m II wrote:

The same buddies who hate government interference and the same
government who loves to spread the gospel of a Free Market place.

mike clampett

Yes, just like the clique of CONservative hypocrites who dominate rrs.
All of whom are receiving monthly government checks and free medical
care courtesy of the U.S. taxpayer.

"retirement", "disability", "medicare" or in plain language -
WELFARE. Or in evener plainer language - a handout others are forced
to pay for.

"A rose by any other name...".

On Jul 13, 10:34*pm, m II wrote:
Tex wrote:
WASHINGTON - The Federal Reserve and the Treasury announced steps
Sunday to shore up mortgage giants Fannie Mae and Freddie Mac, whose
shares have plunged as losses from their mortgage holdings threatened
their financial survival.

- Heck, as long as Ellie Mae is ok, why worry?

http://upload.wikimedia.org/wikipedi...N_Parade_1.jpg

The government has decided it has a huge role to play in business and is
now covering the losses of their buddies, whose unbridled greed has
caught up with them.

The same buddies who hate government interference and the same
government who loves to spread the gospel of a Free Market place.

mike clampett

--
Due to the insane amount of spam and garbage, this filter
blocks all postings from Gmail, Google Mail and Google Groups.

http://improve-usenet.org/