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“It’s Official- Freddie Mac & Fannie Mae Become Gov Mac & Gov Mae”

Written on by Peter- REBB Founder

Today, actually about 57 minutes ago, Government officials made an official announcement that they are taking over the 2 biggest mortgage lenders in the U.S. Freddie Mac and Fannie Mae.

Both CEO’s of the two companies have been fired and the new faces step up to take over their positions.  Mortgage Giants Crisis Breaking News

All this is happening in the light of record foreclosures that are happening in the United States.  Today, CNNMoney.com reported a record 1.2 million foreclosures in the United States, doubled to what they were last year.  California and Florida accounted for 39% of all foreclosures during the last quarter.  Other states with high foreclosure rates include Nevada, Arizona, Michigan, Rhode Island, Indiana, and Ohio.

Foreclosures Rise To 1.2 Million

Problems?  Yes.  Many problems.

Opportunities?  A bigger YES!  As real estate investors, we need to get in a help this economy get out of this hole.  I know a lot of investors out there are doing just that and they are one of the reasons why the local markets are improving.

For now, we will need to keep a close eye on the New Gov Mac and Gov Mae.  I am very curious as how the government will take care of this issue.

So, is Bush Administration a mortgage lender now?  I guess so.  This is going to be interesting…

To Your Success,

Peter k.

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6 Comments on ““It’s Official- Freddie Mac & Fannie Mae Become Gov Mac & Gov Mae””

  1. Rob |

    Despite their more conservative lending standards, Fannie Mae and Freddie Mac guaranteed many loans that performed poorly in the fallout of the Great Housing Bubble. They guaranteed many exotic loan types with inflated appraisals and committed many of the same errors as asset-backed securities (ABS) issuers during the bubble. When these loans started to go bad, Fannie Mae and Freddie Mac faced enormous losses, so the government had to assume conservatorship in 2008.

  2. p90x |

    these companies knew what they were doing when they were doing it and knew that the government was going to have to bail them out and yet they still gave out larger than life bonuses.

  3. Peter- REBB Founder |

    @p90x

    I hear you. They knew what they were doing. Sometimes, greed can make people do crazy things.

    Peter

  4. Lovers |

    nice site I like and I sure to visit, well done

  5. The Best Real Estate Info » Blog Archive » “It’s Official- Freddie Mac & Fennie Mae Become Gov Mac & Gov Mae … |

    […] Peter- REBB Founder wrote an interesting post today onâ??Itâ??s Official- Freddie Mac & Fennie Mae Become Gov Mac & Gov Mae …Here’s a quick excerptToday, actually about 57 minutes ago, Government officials made an official annoucement that they are taking over the 2 biggest mortgage lenders in the US. […]

  6. The Best Real Estate Info » Blog Archive » “It’s Official- Freddie Mac & Fannie Mae Become Gov Mac & Gov Mae … |

    […] unknown wrote an interesting post today onâ??Itâ??s Official- Freddie Mac & Fannie Mae Become Gov Mac & Gov Mae …Here’s a quick excerptGovernment officials have taken over the 2 biggest mortgage lenders in the US Freddie Mac and Fannie Mae. How does this affect real estate investors? […]

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