4 Big Mortgage Backers Swim in Ocean of Debt – NYTimes.com. Even as the biggest banks repay their government debt in what is being heralded as a successful rescue program, four troubled giants of the financial world remain on government life support. These companies, the American International Group, Fannie Mae, Freddie Mac and GMAC, are…
Tag: fannie mae
Wiki On Subprime Mortgage Crisis
A nice, continuosly updated, writeup on Wikipedia on the current Financial Meltdown and Credit Crisis can be found here.
Paulison’s Unconstitutional Bailout Proposal
From The Nation: Under Paulson’s draft plan, Congress and the courts would have been barred from reviewing or challenging his moves to stabilize financial markets — effectively making him the nation’s economic czar. That’s not just a dangerous power grab for economic and politic reasons. It’s unconstitutional. So basically, this man is looking for $700…
More Bailouts Using Taxpayer Money
Welcome to the Free Market system, where whatever happens, happens, until it’s the very wealthy that’s affected. I’m tired of these taxpaper bailouts for businesses who knowingly made foolish bets. The fact of the matter is, loans were given to unqualified borrowers. Those loan contracts were then sold off in the form of securities to…