August 6, 2009

There's Nothing Like A Good Fannie

"The Obama administration is considering an overhaul of Fannie Mae and Freddie Mac that would strip the mortgage finance giants of hundreds of billions of dollars in troubled loans and create a new structure to support the home-loan market, government officials said."

White House mulls major Fannie-Freddie shakeup [SFGate]

First Published: August 6, 2009 7:00 AM

Comments from "Plugged In" Readers

The Administration is already backing away from the story:

http://www.reuters.com/article/marketsNews/idUSN0633536320090806

Probably indicates that Goldman Sachs hasn't given its approval yet.

Posted by: anon at August 6, 2009 10:59 AM

If this Administration is backing away from the story, then it's a done deal.

Posted by: LMRiM at August 6, 2009 11:07 AM

I d much rather see the former officers stripped of their ill gotten gains. Present boss is from Puget Sound and a real winner.

Posted by: jonj at August 6, 2009 11:23 AM

Awesome. I "heart" u President Obama :)

Posted by: Chad at August 6, 2009 11:30 AM

anon, you are right. Goldman Sachs is very closely tied to Washington, more than most people would ever realize.

See "The Quiet Coup" by MIT Sloan Professor and ex IMF Chief Economist Simon Johnson.

Posted by: Chad at August 6, 2009 11:35 AM

If GSEs are restructured and a new entity was created, would it have any effect or over ride the new idiotic appraiasal rules in place?

Posted by: outsidelookingin at August 6, 2009 4:24 PM

CR reports that Fannie lost 14.8b in Q2 and is requesting almost 10.7b from Treasury. Currently 171b in loans guaranteed by FNM are non-performing.

Posted by: Robert at August 6, 2009 4:40 PM

^^^
More importantly, IMO, is that the Fannie/Freddie bailout now exceeds the amount of money destroyed in the "rescue" of AIG. And it ain't even close to over yet. Anything to help Wile E. Coyote hit a few ledges on his way down, I guess.

Posted by: Legacy Dude at August 6, 2009 7:04 PM

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