Posted by jba/fl on 9/7/08 5:32pm
Msg #263457
Bush announced that the government is
taking over Fannie Mae & Freddie Mac, something to the effect that they can't make it and this will save a lot of problems, blah, blah, blah. More taxes to comeas result of this bailout? More opportunities for the notary and mtg. field? Remains to be seen.
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Reply by MW/VA on 9/7/08 5:49pm
Msg #263462
As I understand it, this had to happen. The stock market took a nose dive again this week.
They have to restore some credibility to the failing American economic picture.
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Reply by John_NorCal on 9/7/08 5:52pm
Msg #263463
I don't know about more work right away. I think that something had to be done and that eventually there will be more stabilization in the housing market and in turn the economy. One thing I noticed possibly because of this is that the dollar weakened against the Euro overnight. I have been watching the Euro very closely for the past 2 months and have noticed the dollar gain from $1.58 to $1.43403 as of this moment. Let's hope for stability.
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Reply by MW/VA on 9/7/08 5:57pm
Msg #263465
It amazes me that all the mortgage news is interpreted as to increase/decrease work as a NSA. This mortgage mess is much bigger than that, and threatens the whole economy.
It's too bad the "bubble" & the greed that went with it were allowed to go on for so long.
I'm not big on government involvement, and wonder if I will wake up one day in a socialist republic instead of a democracy.
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Reply by John_NorCal on 9/7/08 6:08pm
Msg #263468
I guess I could offer more thoughts on this but then this would have to be in the Just Politics forum. Suffice it to say that at times it appears there needs to be governmental restraints to greedy pursuits.
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Reply by John_NorCal on 9/7/08 10:35pm
Msg #263477
Here's a link to New York Times article
http://www.nytimes.com/2008/09/08/business/08consumer.html?_r=1&hp&oref=slogin
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Reply by John_NorCal on 9/7/08 11:03pm
Msg #263478
And for the European perspective,,,,,,,
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4697785.ece
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Reply by John_NorCal on 9/7/08 11:05pm
Msg #263479
And for the European take on this..........
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4697785.ece
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Reply by John_NorCal on 9/7/08 11:06pm
Msg #263480
Sorry for double post, this is taking on a life of its own.. n/m
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Reply by John_NorCal on 9/7/08 11:16pm
Msg #263481
And so that we don't feel that we are the only ones..
Average prices in the UK have fallen 25,400L or $45,577.65, I believe that we are at the forefront of a global economic downturn, what a damnable position to be in.
http://www.timesonline.co.uk/tol/money/property_and_mortgages/article4678560.ece
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Reply by MW/VA on 9/7/08 6:09pm
Msg #263469
I forgot to add that I've actually seen in increase in business over the last couple of month.
I haven't seen one loan close that wasn't FHA, and it is brokered loans that are getting closed & not much else. I've watched that trend with interest, feeling that the well would have dried up completely for lending if it weren't for FHA/VA.
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Reply by JanetK_CA on 9/7/08 7:34pm
Msg #263473
In all fairness, that IS the topic of this message board, so it's relevant. I'd like to think, though, that most here realize there is more to it than that. A look at the "Just Politics" board will likely bear that out. Unfortunately, I can't stomach going there too often, myself... ;>
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Reply by Susan Fischer on 9/7/08 9:15pm
Msg #263474
Ditto, Janet and John. Our economy is in the tank.
The five percent Rich are worried about their ~Investments~ while the rest of us 95 Percenters worry about just staying afloat.
The Trillions owed to Freddie and Fanny is, in part, part of the growing National Debt.
The economic realities of today are a direct result of the "Corporate White House" (the president's words) created by the current Administration on his first day in office.
Don't like the Corporate White House as it has directly affected your work as an NSA, and/or your personal economic situation?
Change it.
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Reply by Hugh Nations Signing Agents of Austin on 9/7/08 10:11pm
Msg #263475
Between them, Fannie Mae and Freddie Mac have a part of 5 1/2 trillion -- that's TRILLION -- dollars in home loans. That is more than one-half the size of our entire national debt, something that took more than two and a half centuries to accumulate, and half the entire home mortgage debt for the whole country. It is going to cost hundreds of billions of dollars to bail them out.
Thank deregulation for what it's going to do to your pocketbook. In fact, thank deregulation for what it's going to do to your grandchildrens' pocketbooks.
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Reply by Norman Tasey on 9/8/08 6:45am
Msg #263489
The Committee 0f 300 is large at work
We already are a socialist republic! Research for yourself, everyone! They own everything and they call us the useless eaters, as quoted by Kissinger himself. If anyone tries to eliminate THEM, they are eliminated. Follow the money trail in all things and become very WISE! Stop following FIX, I mean FOX news etc. Everyone here is on the NET, use it and learn the truth.
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Reply by jba/fl on 9/8/08 9:26am
Msg #263501
Re: The Committee 0f 300 is large at work
Why so many? I always heard that there were 7 people who made all the decisions of the world, why would they have a committee of 300? Isn't that a rather large number?
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Reply by Sylvia_FL on 9/8/08 9:35am
Msg #263502
Re: The Committee 0f 300 is large at work
Julianne
Google "committee of 300" - just another "conspiracy theory"
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Reply by jba/fl on 9/8/08 9:44am
Msg #263503
Oh, Slyvia -
Tongue in cheek - I know this whole thing without ever beginning to google...I have been hearing this other theory of "7" ever since I can remember.
Hogwash (or is it? OOOOOOOooooooooo{ghostly})
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Reply by OR on 9/8/08 11:08am
Msg #263510
Re: Bush announced that he SEIZED Fannie and Freddie
Here is a link to an artical that is clear
Quote"
"The Bush administration announced Sunday it was seizing troubled mortgage giants Fannie Mae and Freddie Mac in a bid to help reverse a prolonged housing and credit crisis.
re is a link to an artical that is clear."
http://money.aol.com/news/articles/_a/bbdp/can-fannie-freddie-deal-fix-housing/162786
We are screwed!
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Reply by Derrick/MT on 9/8/08 2:43pm
Msg #263573
Re: Bush announced that he SEIZED Fannie and Freddie
Who do you mean "we are screwed!"? General public or us the NSA?
Either way I see this as a good thing because it will get investors into the market again and they will feel more comfortable about buying mortgage backed securites.
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