Gov't seizes Fannie & Freddie

These two mortgage giants owes a combination of $5 trillion or something like that. I remember hearing about it on CNN a while ago. Not to mention that the USA already has a national debt of approximately 8 to 9 trillion.

It's astonishing how they got this far without being stopped by the government.
 
<cough> fascism
 
I feel a 2nd Great Depression coming on when th Gov't goes broke and then people's money will get frozen into bank accounts and not accessible much like what happened in the first depression when the stock market just bottomed out after many sluggish years.

This is why a lot of old timers have wads of money hidden under the bed or out in the barn or in a jar buried in th backyard or in more extreme cases, stuffed into the walls of thier home.
 
Dixie said:
I feel a 2nd Great Depression coming on when th Gov't goes broke and then people's money will get frozen into bank accounts and not accessible much like what happened in the first depression when the stock market just bottomed out after many sluggish years.

This is why a lot of old timers have wads of money hidden under the bed or out in the barn or in a jar buried in th backyard or in more extreme cases, stuffed into the walls of thier home.
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Yep, we need to keep in mind that not only have Fannie and Freddie been seized, but several banks have gone under in the recent past and have been seized.
 
What rescue means for mortgage rates

Mortgage applicants rejoice! The federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts say. CNNMoney.com reports rates could drop by 1 percentage point from the stubbornly-high 6.39 percent for a 30-year fixed rate mortgage.
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GOOD!? or OMFGWTF?
 
jillio said:
The estimate I heard was a cost of 5 billion to taxpayers.

I personally don't see the logic in the government who can't balance their own budget and is like 8 trillion in debt trying to fix failing mortgage lenders who are in debt. Isn't that kind of like the blind leading the blind?
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Fannie and Freddie owes $5 trillion, not billion. Though I don't know how much it's going to cost the taxpayers, but it's probably going to be in the trillions.
 
Banjo said:
Fannie and Freddie owes $5 trillion, not billion. Though I don't know how much it's going to cost the taxpayers, but it's probably going to be in the trillions.
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I am aware that they are trillions in debt. CNN reported that for the government to bail them out, as in seize, will cost the taxpayers 5 billion in additional taxes.
 
jillio said:
I am aware that they are trillions in debt. CNN reported that for the government to bail them out, as in seize, will cost the taxpayers 5 billion in additional taxes.
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Good times!
 
*Scratch my head*

What's super big mess up with our economy? Fannie & Freddie company need go to bankrupt without cost us alot of $$$$ that we don't use their stupid mortgage.
 
Pacman said:
*Scratch my head*

What's super big mess up with our economy? Fannie & Freddie company need go to bankrupt without cost us alot of $$$$ that we don't use their stupid mortgage.
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if we do that - then what about thousands of people? declaring bankruptcy is going to hurt us a whole lot more than seizing it.
 
jiro123 said:
if we do that - then what about thousands of people? declaring bankruptcy is going to hurt us a whole lot more than seizing it.
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How? I don't own the property that use their company.

That's very unbelieve about they got ALOT of $$$$ in debt.
 
Pacman said:
How? I don't own the property that use their company.

That's very unbelieve about they got ALOT of $$$$ in debt.
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ever heard of a term - umbrella company or whatever? You probably took a mortgage from a company that borrows a money from other company that borrows money from them. If not - well apparently lot of people borrowed money from them.
 
jiro123 said:
ever heard of a term - umbrella company or whatever? You probably took a mortgage from a company that borrows a money from other company that borrows money from them. If not - well apparently lot of people borrowed money from them.
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Okay, it will forever to pay off the debt, ouch.
 
Pacman said:
Okay, it will forever to pay off the debt, ouch.
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not necessary. we've had trillion dollars debt before. bill clinton paid it off. hopefully the next president will be able to pay off most of it but chance is probably not.
 
yea bill clinton did it but very very close to out of debt.. he did great job for that..
he was like pah about time the president do that job! you know i mean.. almost many presidents didnt do it.. i dont know when it was the last time.. now bush dont do it rme! come on! he is reblc! *faint* oh well ... yea i agree about jiro that the chance would not happen.. ... just who knows.. you know i mean..
 
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