The U.S. government's planned takeover of Fannie Mae and Freddie Mac came together hurriedly after advisers poring over the companies' books for the Treasury Department concluded that Freddie's accounting methods had overstated its capital cushion, according to regulatory officials briefed on the matter.
The proposal to place both mortgage giants, which own or back $5.3 trillion in mortgages, into a government-run conservatorship also grew out of deep concern among foreign investors that the companies' debt might not be repaid.
Falling home prices, which are expected to lead to more defaults among the mortgages held or guaranteed by Fannie and Freddie, contributed to the urgency, regulators said.
The details of the deal have not fully emerged, but it appears that investors who own the companies' common stock will be virtually wiped out; preferred shareholders, who have priority over other shareholders, may also end up with little. Holders of debt, including many foreign central banks, are expected to receive government backing. Top executives of both companies will be pushed out, according to those briefed on the plan.
Yep, while your neighbor was buying a home he/she CLEARLY couldn't afford, and you were doing everything right, you still end up paying for it.
Kick these people out of their homes, let them be foreclosed upon, and they can move into apartments like every, single, family that got in over their heads before them.
CNN keeps posting these fucking sob stories about how it's so unfair that a person making $70k a year shouldn't be able to afford a $650k house. UNFAIR I TELL YOU!!
Everyone who's working should have a swimming pool and horse stable according to CNN.
Now, people like you and me who are doing everything responsibly, are paying for this fucking bullshit.
LET THESE PEOPLE FAIL, THEY DESERVE IT FOR THEIR GREED.
It's like we've got some kind of retarded people running the mortgage companies and Congress.....oh wait....we do.
Travis
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