Monday, Dec 28, 2009
Ever felt you've been had?
WSJ: U.S. Move to Cover Fannie, Freddie Losses Stirs Controversy
The Obama administration's decision to cover an unlimited amount of losses at the mortgage-finance giants Fannie Mae and Freddie Mac over the next three years stirred controversy over the holiday.
The Treasury announced Thursday it was removing the caps that limited the amount of available capital to the companies to $200 billion each.
Unlimited access to bailout funds through 2012 was "necessary for preserving the continued strength and stability of the mortgage market," the Treasury said. Fannie and Freddie purchase or guarantee most U.S. home mortgages and have run up huge losses stemming from the worst wave of defaults since the 1930s.
Posted by devo @ 02:41 PM (673 views) Add Comment
3 Comments
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1. general congreve said...
Keep printing you morons! Death to the dollar, viva gold!!!
2. devo said...
unlimited governmental financial support = nationalisation = Royal Bank of Scotland
3. happy mondays said...
@gc you can't eat gold ! Be careful what you wish for..