fany mae and freddie mac close down !!!! - Aircraft of World War II

joy17782 · 07-11-2008, 08:02 PM

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 · 07-11-2008, 08:18 PM

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

joy17782 · 07-11-2008, 08:38 PM

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 · 07-12-2008, 08:34 AM

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.

Quote:

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.
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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 · 07-12-2008, 08:50 AM

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

evangilder · 07-12-2008, 08:58 AM

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 · 07-12-2008, 08:59 AM

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

Wayne Little · 07-12-2008, 09:03 AM

Thanks Eric!

Thorlifter · 07-12-2008, 09:55 AM

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 · 07-12-2008, 10:02 AM

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 · 07-12-2008, 10:25 AM

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

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

I hope its spin

07-11-2008, 08:02 PM	#1
joy17782 Senior Member Join Date: Jan 2008 Location: logan ohio Posts: 279	fany mae and freddie mac close down !!!! 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 !!!!!

07-11-2008, 08:18 PM	#2
Njaco The Pop-Tart Whisperer Join Date: Feb 2007 Location: South Jersey, United States Posts: 10,236	They always operated with the belief that the government would back them up. I'm guessing thats all this is. We'll see. __________________ "If you can read this, thank a teacher. If it's English, thank a soldier!" http://www.njcacoa.org/

07-12-2008, 08:50 AM	#5
Wayne Little Senior Member Join Date: Oct 2006 Location: Adelaide Sth. Aust. Posts: 12,511	So on a scale of 1 to 10, 10 being worst how bad IS this situation? __________________

07-12-2008, 08:58 AM	#6
evangilder "Shooter" Join Date: Sep 2004 Location: Moorpark, CA Posts: 14,809	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. __________________ http://www.vg-photo.com For once you have tasted flight you will walk the earth with your eyes turned skywards, for there you have been and there you will long to return. Leonardo Da Vinci

07-12-2008, 08:59 AM	#7
Aussie1001 Senior Member Join Date: Jul 2007 Location: Queensland- Australia Posts: 891	we can nearly get 1 us doller for our 1 au doller.... __________________ 98% Of teens surround their minds with rap. If you're part of the 2% that stayed with rock, put this on your signature I am also one of the 2% who does not own a myspace account.... DEFY THE SYSTEM

07-11-2008, 08:38 PM	#3
joy17782 Senior Member Join Date: Jan 2008 Location: logan ohio Posts: 279	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

07-12-2008, 09:03 AM	#8
Wayne Little Senior Member Join Date: Oct 2006 Location: Adelaide Sth. Aust. Posts: 12,511	Thanks Eric! __________________

07-12-2008, 09:55 AM	#9
Thorlifter Senior Member Join Date: Jun 2004 Location: Dallas, Tx Posts: 4,346	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. __________________

07-12-2008, 10:02 AM	#10
Aussie1001 Senior Member Join Date: Jul 2007 Location: Queensland- Australia Posts: 891	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... __________________ 98% Of teens surround their minds with rap. If you're part of the 2% that stayed with rock, put this on your signature I am also one of the 2% who does not own a myspace account.... DEFY THE SYSTEM

07-12-2008, 10:25 AM	#11
Haztoys Senior Member Join Date: Dec 2005 Location: Prescott Arizona USA Posts: 507	In sure this is news spin or....??? Britain urging return to wartime frugality - Europe - MSNBC.com I hope its spin

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