We saw it coming HP'ers, but then to see it come, that's another thing...
The US Taxpayer will in the end pick up the tab for the rampant mortgage fraud and housing speculation. Your income will be taken by the government to pay for the misdeeds of Angelo Mozilo, David Lereah, Michael Perry and Casey Serin. Your hard earned income will go toward bailing out failed housing gamblers and incompetent banks.
And that should piss you off something fierce.
Here's former Fed governor Poole, telling it like it is...
Fannie, Freddie insolvent, Poole tells Bloomberg
(Reuters) - Mortgage lenders Fannie Mae and Freddie Mac are "insolvent" and may need a U.S. government bailout, former St. Louis Federal Reserve President William Poole was quoted as saying in an interview with Bloomberg.
"Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer," Poole was quoted as saying in an interview held on Wednesday.
Chances are increasing that the government may need to bail out the two mortgage companies, Poole was quoted as saying.
July 10, 2008
FLASH: FEDERAL RESERVE'S POOLE ADMITS FANNIE MAE AND FREDDIE MAC ARE INSOLVENT, MASSIVE TAXPAYER FINANCED BAILOUT LIKELY