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Government Takes Control of Fannie, Freddie

Today the federal government has taken control of mortgage giants Fannie Mae and Freddie Mac. The Treasury Secretary said Fannie and Freddie posed a systemic risk to the economic health of the country and "cannot continue in their current form." Both of the top executives at both companies have been dismissed, and thus the recently formed Federal Housing Finance Agency (FHFA) has been appointed conservator of both of the GSEs, and is being held accountable for reorganizing and rehabilitating their business affairs.

Posted by Paul Durry, Broker Associate, CHMS, I.R.E.S. on 09/07/2008 09:13 PM

Comments (6)

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6 Comments on Government Takes Control of Fannie, Freddie

SEP

2008

Hi Paul;

Great news for the Real Estate Market, I do hope we see some positive results.

It was only a matter of time....

Hey Paul,

Yup I hope it creates some new markets so that they are not the only game in town.

Take care!

RJH

Let's just sit back and watch our government get bigger and bigger. I suppose something had to be done, but it worries me that we just keep looking to Big Brother Uncle Sam to bail us out.

There's got to be a better way...