Monday, September 8, 2008
U.S.Seizes Mortgage Giants
The federal government now owns the biggest piece of the $11 trillion mortgage market - Fannie and Freddie Mac.
In an stunning move, the feds seized Fannie Mae and Freddie Mac in its most dramatic market intervention in decades.
Treasury plans to replace the companies' CEOs and provide up to $200 billion as part of the rescue. What got us into this mess? Bad underwriting and sloppy management. In the end, will the government end up merging the two mortgage giants. Did I hear that Fannie + Freddie = Frannie ?
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