 | fany mae and freddie mac close down !!!!| OFF-Topic / Misc. Discuss fany mae and freddie mac close down !!!! in the Current forums; ok guys if you got money in these banks wanted too let you know that the feds just took over ... |
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07-11-2008, 07:02 PM
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#1 | | Senior Member
Join Date: Jan 2008 Location: logan ohio
Posts: 253
Country:  | 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 !!!!! | 
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07-11-2008, 07:18 PM
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#2 | | Senior Member
Join Date: Feb 2007 Location: South Jersey, United States
Posts: 7,059
Country: | They always operated with the belief that the government would back them up. I'm guessing thats all this is. We'll see.
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07-11-2008, 07:38 PM
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#3 | | Senior Member
Join Date: Jan 2008 Location: logan ohio
Posts: 253
Country: | 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 | |
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07-12-2008, 07:34 AM
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#4 | | "Shooter"
Join Date: Sep 2004 Location: Moorpark, CA
Posts: 12,834
Country: | 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).
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__________________  http://www.vg-photo.com Wherever their bones may lie, the courage of heroes is consecrated in the hearts and engraved in the history of the free. Lt Col Honner DSO MC, 39th Commander speaking of the dead from the battle of Kokoda. | |
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07-12-2008, 07:50 AM
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#5 | | Senior Member
Join Date: Oct 2006 Location: Adelaide Sth. Aust.
Posts: 5,666
Country:  | So on a scale of 1 to 10, 10 being worst how bad IS this situation?
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07-12-2008, 07:58 AM
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#6 | | "Shooter"
Join Date: Sep 2004 Location: Moorpark, CA
Posts: 12,834
Country: | 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 Wherever their bones may lie, the courage of heroes is consecrated in the hearts and engraved in the history of the free. Lt Col Honner DSO MC, 39th Commander speaking of the dead from the battle of Kokoda. | |
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07-12-2008, 07:59 AM
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#7 | | Senior Member
Join Date: Jul 2007 Location: Queensland- Australia
Posts: 897
Country: | we can nearly get 1 us doller for our 1 au doller....
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DEFY THE SYSTEM  | |
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07-12-2008, 08:03 AM
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#8 | | Senior Member
Join Date: Oct 2006 Location: Adelaide Sth. Aust.
Posts: 5,666
Country: | Thanks Eric! 
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07-12-2008, 08:55 AM
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#9 | | Senior Member
Join Date: Jun 2004 Location: Dallas, Tx
Posts: 2,937
Country: | 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.
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07-12-2008, 09:02 AM
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#10 | | Senior Member
Join Date: Jul 2007 Location: Queensland- Australia
Posts: 897
Country: | 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 | |
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07-12-2008, 09:25 AM
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#11 | | Senior Member
Join Date: Dec 2005 Location: Prescott Arizona USA
Posts: 496
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