We said this day would come.
And then it came.
Your children, and their children, and their children, and their children, and their children will hate you. They'll hate this generation of Americans who rang up trillions of dollars in debt in their name without their consent in a self-centered unethical and immoral orgy of greed, consumption and fraud.
Fannie and Freddie have finally failed. And every incumbent in DC - Democrat, Republican, Independent, it doesn't matter - EVERY FLIPPING INCUMBENT IN DC SHOULD BE BLAMED FOR THIS FIASCO, AND PROMPTLY VOTED OUT OF OFFICE THIS NOVEMBER.
AND THE SCREWED TAXPAYERS SHOULD DEMAND AN INDEPENDENT INVESTIGATION INTO THIS MESS - INCLUDING CORRUPTION, INCOMPETENCE, MALFEASANCE AND BRIBERY AT THE HIGHEST LEVELS OF POWER.
Government may soon take over troubled mortgage finance giants Fannie Mae, Freddie Mac
WASHINGTON (AP) -- The government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the nation's mortgage debt, a person briefed on the matter said Friday night.
Some of the details of the intervention, which could cost taxpayers billions, were not yet available, but are expected to include the departure of Fannie Mae CEO Daniel Mudd and Freddie Mac CEO Richard Syron, according to the source, who asked not to be named because the plan was yet to be announced.
Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and James Lockhart, the companies' chief regulator, met Friday afternoon with the top executives from the mortgage companies and informed them of the government's plan to put the troubled companies into a conservatorship.
The news, first reported on The Wall Street Journal's Web site, came after stock markets closed. In after-hours trading Fannie Mae's shares plunged $1.54, or 22 percent, to $5.50. Freddie Mac's shares fell $1.06, or almost 21 percent, to $4.04. Common stock in the companies will be worth little to nothing after the government's actions.
Critics say the open-ended nature of the rescue package could expose taxpayers to billions of dollars of potential losses.
Supporters, however, argue the Bush administration had little choice but to support Fannie and Freddie, which together hold or guarantee $5 trillion in mortgages -- almost half the nation's total.