Pffffttt!!!!
"Fannie, Freddie plunge again; Many think a US bailout is near" by Associated Press | August 21, 2008
NEW YORK - Investors are betting that time is running out for Fannie Mae and Freddie Mac.
Shares of the mortgage finance companies lost more than a fifth of their value yesterday as fears mounted that they will soon need government support - and any bailout would hang stockholders out to dry.
Fannie Mae's chief executive sought to reassure investors that no bailout is imminent. Freddie Mac executives met with Treasury department officials yesterday, said two sources familiar with the meeting who were not authorized to discuss it publicly. They described it as part of a series of meetings that have been occurring since last month, when the Bush administration announced a plan to aid the two companies.
I don't listen to government liars anymore.
Armando Falcon, who served for six years as Fannie and Freddie's chief government regulator, expects a full-fledged government takeover before year's end. The companies' financial picture is far worse than they have acknowledged, he said, particularly for riskier loans they purchased as investments.
After they told us THEY WOULDN'T NEED ONE!
Grab you ankles, Americans!
"They can't keep playing games with the accounting rules to avoid taking their losses," Falcon said.
Oh, like, ummm, ENRON?
The precipitous slide in their stock prices is a sign investors assume the government is on the brink of taking control. The Bush administration on July 13 unveiled a plan to provide unlimited government loans to the two mortgage giants and to purchase stock in the two companies if needed.
That's a "free" market?
But investors started dumping shares of Fannie and Freddie this week after a Barron's article said the government is pressing the companies to raise more money to guard against losses but doesn't expect them to succeed.
Yeah, I knew about that -- and yet, same government pukes are out there saying, no, no, no bailout.
--more--"
