How Can You Bail These Two Out?

July 10th, 2008

Now ain’t that a coincidence. Freddie Mac shares are down 75% for the year. Aren’t 75% of the sub-prime mortgages in foreclosure as well? Wow.

US mortgage giants Fannie Mae and Freddie Mac are facing growing pressure as fears intensify about a potential calamity at the firms, which underpin trillions of dollars in home loans.

On Thursday, Freddie Mac shares plunged 22 percent to eight dollars, and are down over 40 percent this week and 75 percent this year.

Word has it that the current administration has held talks about what to do if the two firms falter. Umm… What can they do? There is $1.5 trillion dollars tied up in Freddie Mac and $700 billion in Fannie Mae. How can he fix that? By signing another stimulus package into law? Crazy.

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