fany mae and freddie mac close down !!!!

[joy17782]

ok guys if you got money in these banks wanted too let you know that the feds just took over the bank 30 mins ago , ok were in a deppresion what the hell is next !!!!!

 

[Njaco]

They always operated with the belief that the government would back them up. I'm guessing thats all this is. We'll see.

 

[joy17782]

yeah i thing big companies think that us tax payers can bale there butts out ,just like all the welfare we give people . they think they can get it too

 

[evangilder]

The government did NOT take over these two. The government seized the assets of IndyMac bank. It is still being determined what will happen with Freddie Mac and Fannie Mae.

U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc (IMB.N) on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history.
ADVERTISEMENT

California-based IndyMac, which specialized in a type of mortgage that often required minimal documents from borrowers, became the fifth U.S. bank to fail this year as a housing bust and credit crunch strain financial institutions.

The federal takeover of IndyMac capped a tumultuous day for U.S. markets that saw stocks slide on a surging oil price and renewed fears about the stability of the top two home financing providers, Fannie Mae (FNM.N) and Freddie Mac (FRE.N).

 

[Wayne Little]

So on a scale of 1 to 10, 10 being worst how bad IS this situation?

 

[evangilder]

Hard to say. There were, and still are, a number of companies that did risky mortgages to unsuspecting people who wanted to get into their own homes. The time has come to pay the fiddler for bad business decisions. I think it will get worse before it gets better, but I don't see a depression out of it. We are in a recession now, I don't give a rip how the fed wants to spin it.

 

[Aussie1001]

we can nearly get 1 us doller for our 1 au doller....

 

[Wayne Little]

Thanks Eric!

 

[Thorlifter]

Yeah, it's hard to say Wayne. It depends on who you ask so here is how I see it..........

Are businesses closing? Yes. Because gas is expensive, is it leading to almost everything to get more expensive? Yes. Does the economy need some help? Yes.

But..........

Are there still new skyscrapers being built everywhere? Yes. Is Porsche and Mercedes have record years in auto sales? Yes. Are people still traveling? Yes, it's just costing a little more.

Things will be fine. Over time, everything has always gotten more expensive. My grandmother paid $5,000 for a brand new house.........back in 1946. It's just how it happens.

 

[Aussie1001]

Agree Thor however if oil prices per barrel don't go down the prices of nearly everything will go up think of how much in your daily life has been freighted on a semi or a ship or a train at one stage or another, they all use oil in one stage or another...

 

[Haztoys]

In sure this is news spin or....???

Britain urging return to wartime frugality - Europe - MSNBC.com

I hope its spin