First Bear Stearns, then Fannie Mae and Freddie Mac, who is next? GM - Ford - AIG - Washington Mutual - the airlines - ...
Welcome to the U.S.S.A.: "United Socialist States of America".
52 days ago:Fannie And Freddie Are Fine, Bernanke Says
Chairman Ben Bernanke of the Federal Reserve told Congress on Wednseday that he believes Fannie Mae and Freddie Mac will make it through the storm in the U.S. housing market.On Bernanke's second day before Congress, this time in front of Rep. Barney Frank's House Financial Services Committee, the Fed chairman said the troubled Fannie Mae and Freddie Mac were adequately capitalized, and were in no danger of failing.
This will add 5 trillion dollars in debt to the balance sheet of the USSA. Backed up by mortgages that are declining double digits per year...
The Bush Depression:
Mortgage delinquency and foreclosure rates hit records last quarter. And more prime borrowers are being affected. About 4 million U.S. homeowners -- including more than 65,000 Minnesotans -- were either behind in their mortgage payments or in foreclosure at the end of June, according to a second-quarter survey released Friday by the Mortgage Bankers Association.
That means that 9% of all homes are now in foreclosure or in default...
