Monday, September 8, 2008

The Big Bail Out!!

Newsflash!!!

Fannie Mae and Freddie Mac, America's two underwriters/purchasers/bundlers of home mortgages, is being bailed out by the Federal Government. Here we go again...the taxpayer being asked to pay for a "company's mistakes" remember Chrysler a couple of decades ago. Will Fannie and Freddie be as Chrysler is today in a few years...on the brink of extinction.

I would hope not. Our housing market depends too strongly on these two entities, now government controlled, for stabilizing the market and ensuring first time home buyers and many other buyers can get the mortgages they seek at competitive rates.

Check back for more updates!!!
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