Posted by
Richard on Friday, September 05, 2008 10:54:02 PM
The very people that brought you Fannie Mae and Freddie Mac are riding to the rescue. And we should trust them because? According to an article written by Rob Alford at History News Network in December of 2003;
"Currently, Fannie Mae and Freddie Mac control about 90 percent of the nation's secondary mortgage market. Their combined debt is equal to 46 percent of the current national debt. It is this combination of rapid growth and over leveraging that has lead to the current concerns of Congress, the Justice Department and the SEC with regards to the financial practices of these GSEs. Fannie Mae and Freddie Mac are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having. In the event that there was some sort of financial collapse within either of these companies, U.S. taxpayers could be held responsible for hundreds of billions of dollars in outstanding debts."
Remember this article was written in 2003, that means that this problem has been an ongoing one for over five years. Again I ask you and we should trust them because?