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Thread: The Government now "owns" 1/2 of U.S. homes

  1. #10

    Default Re: The Government now "owns" 1/2 of U.S. homes

    Thats funny HUD researchers...the FBI even warned them about the mess...lol

    WASHINGTON -- Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible.

    "It has the potential to be an epidemic," Chris Swecker, the FBI official in charge of criminal investigations, told reporters in September 2004. But, he added reassuringly, the FBI was on the case. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.
    I cant post the link cuz I am new, but its Aug 25 2008 LA times business section

  2. #11
    Olympic Champ RYou's Avatar
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    Default Re: The Government now "owns" 1/2 of U.S. homes

    Well, Wall Street likes the idea. The Dow is up 250 and the S&P up 36 in pre-market trading.

    Looks like the big blow of last week will be neutralized ina single day.
    Life's not the breaths you take, the breathing in and out that gets you through the day ain't what it's all about. It's the moments that take your breath away.

  3. #12

    Default Re: The Government now "owns" 1/2 of U.S. homes

    Quote Originally Posted by ODH View Post
    Freddie and Fannie are unique in that they are only nominally private companies. Their credit has always had the de facto backing of the government. Someone who has better understanding of this may be able to explain it better.

    Thanks for posting some fact, along with RYou.

    The Office of Federal Housing Enterprise Oversight http://www.ofheo.gov/ is the federal agency charged with oversight of Fannie Mae and Freddie Mac.
    "Strange women lying in ponds distributing swords is no basis for a system of government!?

  4. #13

    Default Re: The Government now "owns" 1/2 of U.S. homes

    It's important to keep in mind that we don't want government controlling 1/7th of the U.S. economy (health industry), but to control half of all homes is comforting. Government also screws up everything it touches, but in this case, it will operate without flaw. We also want small government, but a big government owning half of our homes is comforting, and we also want people to stop expecting handouts from the government, but when big companies are involved, welfare is good, very good.
    UNI Panthers...Because it's just right.

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