Government assumes control over mortgage giants Fannie Mae and Freddie Mac
Posted September 7th, 2008 by R3VOLUTION08
output
WASHINGTON (AP) -- The Bush administration, acting to avert the potential for major financial turmoil, announced Sunday that the federal government was taking control of mortgage giants Fannie Mae and Freddie Mac.
Officials announced that the executives and board of directors of both institutions had been replaced. Herb Allison, a former vice chairman of Merrill Lynch, was selected to head Fannie Mae, and David Moffett, a former vice chairman of US Bancorp, was picked to head Freddie Mac.
Treasury Secretary Henry Paulson says the historic actions were being taken because "Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe."
read the rest- http://biz.yahoo.com/ap/0...
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delaying the inevitable collapse
More central management is not the solution to the problem of too much central management.
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I sure am glad
that they are "acting to avert major financial turmoil".
Because if what we're already in isn't major financial turmoil, then I sure don't want to see what is!
In other news, masses of termites ate twice as much of a tree as they normally would, hoping to avert major damage to the tree's structure.
I'm not shocked as I
I'm not shocked as I expected this would happen, I just wonder what the ramifications will be....
We live in interesting and often scary times.
This is it people...
There WILL be a crisis and though you will probably survive, America as you know it will not.
If you thought things were bad now wait until after the [s]elections.
what a crock
Nothing but national corporate-socialism.
----
Ron Paul's Campaign for Liberty!
"We really do have...a once in a lifetime opportunity to take the Republican Party back to where it was." -Kent Snyder, 1959-2008
ownership
Now the federal government owns half the united states at the expense of the people. I think this was done on purpose.
takeover $
MORE interest money for foreign governments. GERMANY/ Wo. Bk.
says
what is interesting
are the comments on the story about freddie and fannie on aol. almost every commenter knows and dispises the government taking this on. how do these things keep happening if it is SO obvious that the constituants are against it? when i asked my senator about the NAU and explained my concern, he sent me an entire page on how that is a myth. hmmm. if he won't even admit it, how am i supposed to proceed?
~peace
They waited until
They waited until the conventions were over, coincidence? I think not. This entire election campaign has been stage managed since day one.
Still Think We are
Free? The government owns our property, well I guess they always have...Welcome to communism under the guise of " Land Of The Free".
We're Screwed!
Freedom, Prosperity and Peace
been planned since at least this summer is my guess...
"Both companies were placed into a government conservatorship that will be run by the Federal Housing Finance Agency, the new agency created by Congress this summer to regulate Fannie and Freddie."
So this is why we needed the Federal Housing Finance Agency....hmmmm Now about giving the Fed more regulation and control...where's that leading? .
Have a great day all!
Thus
Making all common and prefered stock vertually worthless