Wednesday, Nov 21, 2007
Trouble in America
The Wall Street Journal: Mortgage Giant Fuels Worries With Steep Loss
The hoped-for saviors of the U.S. housing market could use some first aid themselves.
The wider-than-expected $2.03 billion loss posted yesterday by Freddie Mac for the third quarter makes clear that the mortgage giant and its rival Fannie Mae -- government-chartered companies that buy and guarantee mortgages -- have less power to prop up the housing market than some politicians hoped. Freddie Mac said it recently has been forced to sell mortgages to ease its financial woes, and it is rushing to raise capital through a sale of preferred stock likely to be launched next week.
Posted by the emperors new clothes @ 10:38 AM (248 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.