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Fannie and freddie...govt taken over
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Anonymous Coward
User ID: 494206
9/5/2008 9:43 PM
Report abusive post | Fannie and freddie...govt taken over
| Quote |
msnbc reports fannie and freddie are to be taken over
by gov`t and top execs dismissed... |
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Omega 
Total Unequivocal Bad Fuckin' News
User ID: 358971
9/5/2008 9:44 PM
 | | Re: Fannie and freddie...govt taken over | Quote |
Well here we go.....essentially insolvency if I am reading this correctly.....
[link to www.washingtonpost.com]
Fannie Mae, Freddie Mac to be Put Under Federal Control, Sources Say
By David S. Hilzenrath, Neil Irwin, and Zachary A.Goldfarb
Washington Post Staff Writers
Friday, September 5, 2008; 8:33 PM
The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac under federal control, dismiss their top executives, and use government funds to prop them up, government officials told the two companies yesterday, according to sources familiar with the conversations.
Under the plan, the federal government would place the firms in a legal state known as conservatorship, the sources said. The value of the company's common stock would be diluted but not wiped out while the holdings of other securities, including company debt and preferred shares, would be protected by the government.
Instead of giving each company a big capital infusion up front, the government plans to make quarterly infusions as the companies' losses warrant, the sources said. This would be an attempt to minimize the initial cost of the rescue.
As the pace of discussions accelerated today, Treasury officials contacted senior congressional leaders, telling them they might be briefed on the plan this weekend and asking for telephone numbers at which they could be reached.
Fannie Mae and Freddie Mac have backed 70 percent of new mortgages in recent months, but have incurred vast losses on their loan portfolios as the housing market has tanked. Treasury Secretary Henry M. Paulson Jr., the architect of the plan, and other government leaders have said the companies remain vital to preventing an even broader financial crisis and economic downturn.
The chief executives of the two companies were called into afternoon meetings today at the 17th Street NW offices of the Federal Housing Finance Administration, their direct regulator, according to sources familiar with the events.
Executives of the two companies were told to show up without being told of an agenda. Daniel Mudd, chief executive of Fannie Mae, was accompanied by outside lawyers. He showed up at around 3 p.m. for a two hour meeting. Richard Syron, chief executive of Freddie Mac, started his meeting at around 5 p.m., accompanied by several members of the Freddie Mac board.
Paulson, Federal Reserve Chairman Ben S. Bernanke, James Lockhart, the director of the housing finance regulator told the executives of the plan, which would strip them of their jobs.
Yahoo IM omega375hh |
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Anonymous Coward
User ID: 494206 (OP)
9/5/2008 9:46 PM | | Re: Fannie and freddie...govt taken over | Quote |
wall street will be a blood bath on monday |
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IllumiNaughty
User ID: 496968
9/5/2008 9:47 PM
 | | Re: Fannie and freddie...govt taken over | Quote |
The value of the company's common stock would be diluted but not wiped out while the holdings of other securities, including company debt and preferred shares, would be protected by the government.
TRANSLATION: The little guy will be screwed, as usual.
Aristippus: "If you would only learn to compliment Dionysius, you wouldn't have to live on lentils."
Diogenes: "And if you would only learn to live on lentils, you wouldn't have to flatter Dionysius." |
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Anonymous Coward
User ID: 254879
9/5/2008 9:47 PM | | Re: Fannie and freddie...govt taken over | Quote |
O freakin' ver |
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Anonymous Coward
User ID: 426925
9/5/2008 9:49 PM | | Re: Fannie and freddie...govt taken over | Quote |
What does it mean, please?! I don't know anything about Wall Street. Won't it be okay since the gov is taking it over? |
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Anonymous Coward
User ID: 497681
9/5/2008 9:49 PM | | Re: Fannie and freddie...govt taken over | Quote |
WTF.
And so it begins...... |
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Anonymous Coward
User ID: 494206 (OP)
9/5/2008 9:49 PM | | Re: Fannie and freddie...govt taken over | Quote |
this is huge....I believe the two entities control
over 1.5 trillion in real estate...this is gonna hurt |
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Anonymous Coward
User ID: 494206 (OP)
9/5/2008 9:49 PM | | Re: Fannie and freddie...govt taken over | Quote |
this is huge....I believe the two entities control
over 1.5 trillion in real estate...this is gonna hurt |
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Anonymous Coward
User ID: 426925
9/5/2008 9:50 PM | | Re: Fannie and freddie...govt taken over | Quote |
Will it mean martial law????!!!! |
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Anonymous Coward
User ID: 497681
9/5/2008 9:50 PM | | Re: Fannie and freddie...govt taken over | Quote |
Well, if we start a new war this weekend, the DOW will rally.....right? |
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Anonymous Coward
User ID: 494206 (OP)
9/5/2008 9:51 PM | | Re: Fannie and freddie...govt taken over | Quote |
What does it mean, please?! I don't know anything about Wall Street. Won't it be okay since the gov is taking it over? Quoting: Anonymous Coward 426925
considering the govt is already broke and is having
a harder and harder time financing its debt, combined with
the loss of faith in govt...and that this will send
shockwaves throughout the financial district.. |
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Omega
Total Unequivocal Bad Fuckin' News
User ID: 358971
9/5/2008 9:52 PM
| | Re: Fannie and freddie...govt taken over | Quote |
this is huge....I believe the two entities control
over 1.5 trillion in real estate...this is gonna hurt Quoting: Anonymous Coward 494206
Over 5 trillion, and IIRC they are 1.4 Trillion Negative Equity on much of these assets........
Yahoo IM omega375hh |
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Anonymous Coward
User ID: 497889
9/5/2008 9:52 PM | | Re: Fannie and freddie...govt taken over | Quote |
It's the big one. |
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Anonymous Coward
User ID: 357364
9/5/2008 9:52 PM | | Re: Fannie and freddie...govt taken over | Quote |
PIN!!! |
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Anonymous Coward
User ID: 426925
9/5/2008 9:52 PM | | Re: Fannie and freddie...govt taken over | Quote |
Oh my! Start scanning the headlines across the world.....Gov will try something to cover up this mess, and divert our attention.... |
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Anonymous Coward
User ID: 497681
9/5/2008 9:53 PM | | Re: Fannie and freddie...govt taken over | Quote |
Oh my! Start scanning the headlines across the world.....Gov will try something to cover up this mess, and divert our attention.... Quoting: Anonymous Coward 426925
War. |
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ANNONYMOUS
User ID: 272356
9/5/2008 9:54 PM | | Re: Fannie and freddie...govt taken over | Quote |
 I think we should ask Sarah P her opinion of what should be done. OOOPS forgot she still thinks Fannie Mae is a two bit whore and Freddy Mac is her pimp. |
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Anonymous Coward
User ID: 497889
9/5/2008 9:54 PM | | Re: Fannie and freddie...govt taken over | Quote |
If the preferred shares are protected-somebody is going to make some big money there, you reckon? |
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Poof
User ID: 458746
9/5/2008 9:55 PM | | Re: Fannie and freddie...govt taken over | Quote |
So, I know that the doom was supposed to be so big that we didn't have to ask, but...is this really it? |
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Anonymous Coward
User ID: 494206 (OP)
9/5/2008 9:56 PM | | Re: Fannie and freddie...govt taken over | Quote |
like always institutional money will be protected..well
as much as they can..problem is that at some point
a govt takeover and cash infusions will just weaken it
until it breaks the system. |
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Anonymous Coward
User ID: 357364
9/5/2008 9:59 PM | | Re: Fannie and freddie...govt taken over | Quote |
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Anonymous Coward
User ID: 426925
9/5/2008 9:59 PM | | Re: Fannie and freddie...govt taken over | Quote |
Definite doom |
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Anonymous Coward
User ID: 494206 (OP)
9/5/2008 10:01 PM | | Re: Fannie and freddie...govt taken over | Quote |
pin...hells ya...this is huge news...its jut the start |
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Anonymous Coward
User ID: 351554
9/5/2008 10:27 PM | | Re: Fannie and freddie...govt taken over | Quote |
It was said "even God couldn't sink the Titanic" And He did. It's been said Fannie and Freddie are too big to fail - and they're gone - He did it again, He does it again, and He'll continue to do it again - when will you little earthlinks, surveil scum wake up? The whole thing is destined to come down - majority who surveil my posts hates the truth and those who pronounce it on His behalf - you would do well to stop bumping me off - before He does you! Mark my words. TSTL |
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Anonymous Coward
User ID: 400833
9/5/2008 10:46 PM | | Re: Fannie and freddie...govt taken over | Quote |
FANNIE and FREDDIE should have been closed down when they surfaced with the huge losses earlier in the year. The Bush bunch thought they could forestall the inevitable until after the elections. As it is, this only can serve to hurt the GOP who's major supporters are on the boards of each entity, and from whence their (Fannie Mae adn Freddie Mac) get most of their execs, too. It's hard to find a democrat in the place making more than a janitorial salary this time round.
Political cronyism saw to the deck being stacked with greedy republicans who as usual have stolen everything not nailed down!
This should be sweet. THE GOP IS GOING TO TAKE THE ENTIRE RAP for this one! |
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Enlilson
Son of son of son of Enlil
User ID: 494807
9/5/2008 10:55 PM
 | | Re: Fannie and freddie...govt taken over | Quote |
msnbc reports fannie and freddie are to be taken over
by gov`t and top execs dismissed... Quoting: Anonymous Coward 494206
There are a number of Central Banks that are going to be going ape sh*t over this and their bonds..............
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Outside OUTSIDE ......Surf it now..... |
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Anonymous Coward
User ID: 497681
9/5/2008 10:58 PM | | Re: Fannie and freddie...govt taken over | Quote |
msnbc reports fannie and freddie are to be taken over
by gov`t and top execs dismissed...
There are a number of Central Banks that are going to be going ape sh*t over this and their bonds.............. Quoting: Enlilson
Yep.
Russians were smart. They sold half their shares earlier this year.
Wish we had a fiscally conservative leader like Putin........who knew judo and had a space laser...... |
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Anonymous Coward
User ID: 496145
9/5/2008 11:08 PM | | Re: Fannie and freddie...govt taken over | Quote |
wow its gonna be a BLACK MONDAY now...this aint good folks... |
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Anonymous Coward
User ID: 424777
9/5/2008 11:10 PM | | Re: Fannie and freddie...govt taken over | Quote |
PIN!!! Quoting: Anonymous Coward 357364
this news seems weak, I played the FNM short 2 years ago and got my head handed to me. On the numbers it should have dropped to todays quotes, then.
Round and round it goes, where it stops...
All it takes is one "respected asshole" to make some sort of remark on Ms'Bull Shit TV' and you're sucking mud longer than you can stay conscious.
By the way, chinese have pushed the doom back, way back, plan you winter vactions now... |
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Casper the drama ghost
User ID: 498077
9/5/2008 11:15 PM | | Re: Fannie and freddie...govt taken over | Quote |
Oh dear! No more illuminati slush fund!
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