Fannie, Freddie Rescue Pushes Housing Aid

PlusFannie, Freddie Rescue Pushes Housing AidFannie, Freddie Rescue Pushes Housing AidThe Associated PressA foreclosure aid plan that was facing a sluggish trip through Congress has a powerful new engine behind it: the Bush administration's urgent request to rescue mortgage giants Fannie Mae and Freddie Mac. (July 14)(Markets file, housing file, Fannie) With fresh turmoil in financial markets, and the housing slump upending another financial institution, the Bush administration's moving aggressively to shore up mortgage giants Fannie Mae and Freddie Mac.(Bernanke) To quiet investor fears about the two, it's told Fed Chairman Ben Bernanke to extend the pair a line of credit, and told Congress it wants to authority to buy up some of their shares. PAULSON SOT: "We must take steps to address the current situation as we move toward a stronger regulatory structure." FONT: Treasury Secretary Henry Paulson(Fannie file) Between them, Fannie and Freddie either own or guarantee HALF of America's mortgages, but their shares have been clobbered by fears they're low on cash. ANALYST SOT: "The biggest part of that move down, is because investors were getting concerned they were going to need to raise capital and they really didn't know how they were going to do that." FONT: Art Hogan, Chief Market Analyst, Jefferies and Company And the White House is hopeful Congress will move quickly on it.PERINO SOT: (14:30 from start) ... because we think this is urgent pieces of legislation that need to get done and that will be important for increasing confidence and stability in the market. (Fed file, housing file) The moves came as the Fed approved new lending rules aimed at thwarting the aggressive practices that fueled the sub-prime mortgage mess...(IndyMac exteriors - FONT THE LOCATION) ... and as a California bank swamped by bad loans re-opened under new management: Uncle Sam's. Officials says it's business as usual at IndyMac Bank, but customers remain worried after second-biggest financial institution failure yet. INDMOS(Standup close) What's unclear is whether the lifeline for the two mortgage giants and the Fed's new lending rules go far enough to calm markets AND homeowners. And then there's something NOBODY can know right now: whether the slumping housing market has yet hit bottom.MS, AP, WH

Category:

News & Politics

Tags:

• fannie
• mae_freddie_mac
• freddie
• rescue
• pushes
• housing
• aid

[bpknapp63]

Let Freddie and Fannie sink, and let's take their worthless management down with them. As for shareholders, well, you assumed the risk, now pay for it. I don't have an ounce of sympathy for any of you.

[vison2create]

US Govt Policy: Privatize the gains and socialize the loss.  Only Ron Paul will stop this BS.

[accemekun]

Our once great nation has been overthrown by communists right in front of our eyes.

[darktrayu2]

John McCain's Keating Five Problem In 97 Seconds

[XConservative4LifeX]

Fannie and Freddie were created, championed, and run by the Liberal Democrats. They allowed a large influx of unqualified minorities to recieve NINJA (No Income No Job no Assets) home loans in order spread "diversity" in the housing market. Look what the government has done by interfering with the housing market but yet you stupid liberals want them to control Health Care. LOL

[glup2glup]

Alert crash!!

remove spaces and read

w w w . leap2020 . eu/GEAB-N-26-is-available!-LEA­P-E2020-Summer-2008-Alert-July­-December-2008-The-world-plung­es-into-the-heart-of-the-globa­l_a1800.html

[Yourdeadmeat69]

Fannie & Freddie have 1/2 US's mortgage paper. US and foreign investor confidence must be preserved even if some losers, who don't deserve bailout, are saved with the system. The good of the many outweighs the few losers that might skate.

It will take 18 months to work through bad paper, and housing sale gluts that fill the marketplace. For many, what you have to sell, will sink in proportion to where you're buying, so it's all moot. Those foreclosed, will work thru the system in 18 mos.

[DawidandShoshana]

You must be strong.If you work hard and submit you will be reunited with your loved ones. Remember you can trust your government.They have already put the necessary infustructure in place to deal with the comming ecconomic and social difficuties facing amerika.We have all enjoyed the latest properity.Now its time to roll up our sleves and get to work.We can do it for Amerika.

[ficote72]

did any of these guys bailing out fannie and freddie realize there are several indymac customers angry waiting for their money stolen?? What about a 50 billions bill to give them bak the money to these guys. Come on Bernanke you can print it... anyway they will lose every dime in a few years when inflation adjusts.