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“Government To Take Over Fannie Mae & Freddie Mac”

Written on by Peter- REBB Founder

Hot off the press.  This Breaking News is huge for the mortgage industry.  What is it?

Well,  I just found out that the government is expecting to TAKE OVER Fannie Mae and Freddie Mac as early as this weekend.  They are trying to protect the 2 mortgage giants in their unstoppable crisis.

Also, it looks like our buddy Richard Syron, Freddie Mac’s CEO, might be leaving the company.  Why?  You can read my post “Do Not Disturb”  I wrote back on August 5th, 2008 about how Freddie Mac’s Mr. Syron didn’t respond to over a dozen of warnings about mortgage crisis that were creeping up in their books.

I won’t go deep into it here.  I’ll let you read the entire story on Yahoo, which literally came out about 25 minutes ago.

Government May Soon Back Troubled Mortgage Giants

This is certainly an interesting news and one that will affect many homeowners and real estate professionals.  What are your thoughts about this?

I’m not so sure how much the government can really help now.  Well, at least they’re doing something, right?  I keep thinking back to the Mortgage Lender Crisis Challange post that has received some great reviews.  Hopefully, they’ll start working with the right people, such as real estate investors and other real estate professionals to try and get this mess all sorted out.

To Your Success,

Peter K.

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4 Comments on ““Government To Take Over Fannie Mae & Freddie Mac””

  1. Owen Mcgab Enaohwo |

    Its the RTC all over again.

    I have been saying that buying Non Performing Notes (NPNs) in bulk and at huge discounts from banks is the way to go but instead of scratch and burn like the big venture funds, attempting the restructure the bad paper by working to keep the homeowner in the home is the way to go.

    Only issue is that playing this game of NPNs involves deep pockets and I am alway looking for folks with deep pockets.

  2. Patrick |

    I heard a financial guru on the radio yesterday opine that the government should have never been in the business of providing loans and loan insurance to ordinary people. If Congress had not provided such guarantees and secondary market availablility, most people in this country would be renters. I doubt that you and I would be able to do what we do,as well.

    The real problem is not the government, but the loosening of reguations so that the ineptness and probable fraud of Richard Syron and others went unchecked. Meanwhile, Fanny and Freddy became almost worthless penny stocks despite the size of these companies. It is now up to Congress to fix this mess, perhaps as another RTC, as another blogger pointed out. This truly is very different tha the RTC of the 1980s. Just the sheer size of it makes it different. Thaqnks for letting me weigh in on this.

  3. Al Mills |

    It’s a crying shame that we taxpayers will have to foot the bill once again for ineptness and stupidity. The government needs to take the $100 Billion they intend to dump into each of these losers and fund research to make cheap gas.

    The track record of the Federal government running anything always turns into a fiasco.

  4. Peter- REBB Founder |

    Patrick,

    This is a very well thought out comment. Thanks for posting. It is simply amazing where some organization can end up over the years.

    Peter
    Founder of REBB

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