[Breakage]

I realize how little press coverage this is getting outside the financial pages and that is a joke.


THese institutions are solely responsible for over $20billion dollars in real estate write downs,
that is more than any 4 private mortage companies combined.

their balance sheets are horrendous, they are basically teetering on the brink of survival,

and oh right of course they dragging every man woman and child in the country down with them.

Bill Gross of PIMCO, the single largest bond buyer/seller in the world, you know guy basically responsible for placing all of America's debt-refused to continue trading last week until the gov't insured him they would not let these places fail.

Which of course your liberal scumbags in Washington basically did with massive handouts and federal guarantees-oh they did that with BEar Stearns too? YEa for abt 1/4 as much and limited the liability for a year. Here they doing 4X as much and guaranteeing the liability for infinity. At BEar Stearns there was mass exodus of people who were responsible for the failure and were let go as a result.

At Fannie and Freddie the gov't administraters thought they were Bill Gross,
lavished themselves with huge pay packages, big time fringe benefits like 2% loans for them and everyone they know et al,
you can bank on no one being terminated there.
Although a gov't entity for the most part, the brass thought they were in charge of their own private hedge fund, with administrative costs on loans costing 6 times as much as in the private sector.


They accountable to no one, they are irresponsible beyond all belief,
but they backed by the federal government so expect gross inefficiency and corruption to continue ad infinitum.