U.S. Rescue Seen at Hand for 2 Mortgage Giants

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WASHINGTON — Senior officials from the Bush administration and the Federal Reserve on Friday called in top executives of Fannie Mae and Freddie Mac, the mortgage finance giants, and told them that the government was preparing to place the two companies under federal control, officials and company executives briefed on the discussions said.


And now the final act of this sad sad play comes to a close.


The executives were told that, under the plan, they and their boards would be replaced and shareholders would be virtually wiped out, but that the companies would be able to continue functioning with the government generally standing behind their debt, people briefed on the discussions said.


The share holders of these two companies get the shaft, their stocks become worthless.

Under a conservatorship, the common and preferred shares of Fannie and Freddie would be reduced to little or nothing, and any losses on mortgages they own or guarantee could be paid by taxpayers. Shareholders have already lost billions of dollars as the stocks have plunged more than 80 percent this year.


And the banks get their money in the end. Ha ha. We get paid. Always. No matter what. You wanna get rich ? Invest in the banks. Just not Fannie Mae and Freddie Mac !


It would allow for uninterrupted operation of the companies, crucial players in the diminished mortgage market, where they are now responsible for nearly 70 percent of new loans.


Oh good, the government and the tax payer is now responsible for SEVENTY PERCENT of all new loans in the country. The banks had quite the party , now the tax payer picks up the tab.

It's an evil thing. The Americans flood the market with their cheap stereo's and computers , kill off the local competition so everyone become dependent on them , then they pull a stunt like this and everyone in the world gets the shaft , not just one bumbling incompetant country. These pigs didn't just soak the americans, they soaked everyone in the whole world for every dime they could steal.

Now the americans won't buy anything from anyone , which is why we let them in the door in the first place, because they don't have any houses to live in ! Half of them are living in parking lots and trailer parks because they got taken to the cleaners in this scam , and some lady living in her car in a parking lot isn't going to buy a new scarf from china to took pretty. So much for all those two way trade agreements.

These jerk weeds are in the habit of doing this every what ? Ten years , fifteen years ? We need to seperate from this roller coaster ride of an economy , not get closer ties to it.

We have our own artists you know. Maybe we should make our own TV shows and music video's instead of learning all about american culture and not even our own canadian children knowing about canadian culture ? And we have our own engineers, I have the utmost confidence we can make our own computers and cars and stuff, for local sale only.