Fannie Mae and Freddie Mac
 

At first I thought they might be a County and Western duo but I'm just an ignorant European lol

Shares in these US mortgage giants dropped by as much as 50% in rollercoaster trading on Friday amid concerns for their future.

Anyone got a mortgage with them?

Yeah thats the irony about all this.... the banks that are going down are the ones with the most ridiculous names.

Indy Mac??? In the UK, the one our government took over was Northern Rock (what kind of a name is that?).

The Japanese Bank names are just as bad.

Following last week's news that Origami Bank had folded, we hear that Sumo Bank has gone belly up and Bonsai Bank plans to cut back some of its branches. Karaoke Bank is up for sale and is going for a song.

Meanwhile, shares in Kamikaze Bank have nose-dived and 500 back office staff at Karate Bank got the chop. Analysts report that there is something fishy going on at Sushi Bank and staff there fear they may get a raw deal.:1orglaugh

:1orglaugh:1orglaugh:1orglaugh :winkwink:

That joke was posted Nov 1 2007 on another board :)

I know that DaLord. Heard of copy & paste?:winkwink:

Feel free to call me Mike...or Viking... I keep forgetting to have Ice change my nick :)

Ice... open you ICQ.

nyde din søn, Mike:)

:1orglaugh:1orglaugh

http://afp.google.com/article/ALeqM5...Z0YJp2YqEG1stw

Meanwhile Peter Schiff at Euro Pacific Capital said the two giants are likely to need government bailouts in view of the "dubious quality of their mortgage portfolios."

"Together both firms have less than 90 billion dollars in capital reserves to ensure losses on more than five trillion dollars in mortgage debt," he said.

"Could anyone reasonably believe that a two percent reserve fund can cover all the losses that are likely to be seen? ... Clearly, Fannie and Freddie would have no ability to survive without a government bailout. This means that taxpayers will be on the hook for hundreds of billions of losses, perhaps even more than one trillion."

is that five million million dollars, or five million million million?

Either way, it's a big number...

1,000,000,000,000 (one million million;) = Trillon

In simple terms they are in deep shit :thumbsup

Thanks for clearing that up Clair ;-)

Apparantly, they are "in no danger of failing", Federal Reserve chairman Ben Bernanke said today.

Thank goodness for that!

the mortgage mess will lead to countless foreclosures providing a great market for real estate investors

I just got a refi with indymac, not worried, I'm sure someone will be there to take my payments

My icq is on

Sure thing but the question is who will want to invest in an America so racked with debt?

We borrow, like all people that spend more than they earn. Who do we borrow from? Those who spend less than they earn. Who might that be? China, among others, loans to America so we can continue to buy more from them then we sell to them.:2 cents:

US government takes control of Fannie and Freddie
 

The US Treasury has announced a rescue plan for Fannie Mae and Freddie Mac, the two struggling government-sponsored mortgage groups whose fate is key to the future of the US housing industry and financial markets.

http://www.ft.com/cms/s/0/79ea39b6-7...077b07658.html

Corporate welfare at its best.

Republicans are just so stupid....the believe in the free market except when it comes to big corporation.

China is selling off US bonds...
China owns us...
http://xkorpion.wordpress.com/2008/0...nie-freddie-2/

so how much is the stock going to rebound tomorrow?

Who are they? I don't know them.

They own or guarantee about half of the U.S.'s $12 trillion mortgage market.

... yeap the fed just took over... interesting shit...

this is really foolish, to reward crooks and bill the taxpayer for it.
both of them should in a prison due accounting games.
both CEOs ruined their companies and they get even bonus reward.

http://www.businesssheet.com/2008/9/...ie-and-freddie
Taxpayers are now on the hook for tens of billions of dollars of capital necessary to save Fannie Mae (FNM) and Freddie Mac (FRE). The CEOs of both companies--the ones who ran them into the ground--have thankfully been shown the door. But they're taking a nice pot of money with them.

Specifically, Dan Mudd, the CEO of Fannie Mae, is getting $9.3 million of severance for destroying his company. Richard Syron, the CEO of Freddie Mac, is getting $14.1 million--in part because of a clause he added to his employment contract two months ago, when it was clear the company was headed for disaster...

Please send your payment to Wizzo@epassporte... I'll be happy to take it...:winkwink:

That's a lot of fucking BANANAS .... :helpme

screwed up is what it is makes you want to keep ur money in ur mattress, who knows which bank/s shit the bed next

FNM is just over $1

So whats the score? I thought this was supposed to be good news as it added stability?