both organizations backed by the US Government have had major accounting issues in the past few years...now they are allowed to buy even more depeciating real estate assets who's mortgages are paid by people who shouldnt be in those houses anyway
To remove first post, remove entire topic.
end of days my friends...end of days
both organizations backed by the US Government have had major accounting issues in the past few years...now they are allowed to buy even more depeciating real estate assets who's mortgages are paid by people who shouldnt be in those houses anyway
WASHINGTON (AP) -- Regulators on Wednesday lifted the cap on Fannie
Mae's mortgage-investment portfolio even as the company lost nearly
$3.6 billion in the fourth quarter of 2007 amid mounting home-loan
delinquencies and soured bets on interest rates.
The government sponsored company, which delivered a pessimistic housing
outlook for 2008, said close to 90 percent of its quarterly losses were
tied to investments Fannie made based on the assumption that falling
interest rates would cause mortgage values to appreciate.
The Office of Federal Housing Enterprise Oversight said that because
Fannie's 2007 financial statement brings it up to date in reporting
earnings -- following lapses in the wake of a multibillion-dollar
accounting scandal -- it will remove on March 1 the cap on the
company's holdings of mortgage securities. That cap is currently set at
around $700 billion. ----------------- this whole thing makes my head spin
more:
WASHINGTON (AP) -- Regulators on Wednesday lifted the cap on Fannie
Mae's mortgage-investment portfolio even as the company lost nearly
$3.6 billion in the fourth quarter of 2007 amid mounting home-loan
delinquencies and soured bets on interest rates.
The government sponsored company, which delivered a pessimistic housing
outlook for 2008, said close to 90 percent of its quarterly losses were
tied to investments Fannie made based on the assumption that falling
interest rates would cause mortgage values to appreciate.
The Office of Federal Housing Enterprise Oversight said that because
Fannie's 2007 financial statement brings it up to date in reporting
earnings -- following lapses in the wake of a multibillion-dollar
accounting scandal -- it will remove on March 1 the cap on the
company's holdings of mortgage securities. That cap is currently set at
around $700 billion. ----------------- this whole thing makes my head spin
I also have a friend whose brother had a gig for years on Wall Street -something to do with computers..
Freddie Mac recently hired him to be in charge of 900 people , they are paying him at least 250 per year, and putting him up at the Ritz Carlton until June -their version of 'Temporary' housing ..
Good for him -but it shows what a screwed up company it is ..
I know someone that recently left Freddie Mac ...
I also have a friend whose brother had a gig for years on Wall Street -something to do with computers..
Freddie Mac recently hired him to be in charge of 900 people , they are paying him at least 250 per year, and putting him up at the Ritz Carlton until June -their version of 'Temporary' housing ..
Good for him -but it shows what a screwed up company it is ..
I have an idea for all these houses that are on the market and which will in one form or another be owned by you and me...let Katrina victims have them, free of charge.What the hell.I never liked those stupid Mcmansions anyway...
I have an idea for all these houses that are on the market and which will in one form or another be owned by you and me...let Katrina victims have them, free of charge.What the hell.I never liked those stupid Mcmansions anyway...
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