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US takes over key mortgage firms

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posted on Sep, 7 2008 @ 10:31 AM
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US takes over key mortgage firms


news.bbc.co.uk

US financial officials have outlined plans for the government to take over the failing mortgage giants Freddie Mac and Fannie Mae.

A rescue plan passed by Congress in July gave the US government the authority to offer unlimited liquidity to the two companies, and to buy their shares, in order to keep them afloat.
(visit the link for the full news article)




posted on Sep, 7 2008 @ 10:31 AM
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Woah!

Since when did this turn from "bail them out" to "buy them out"?
I wouldn't have thought, no matter how bad things got, that the US government would resort to forms of socialism in hard times.

Remember, when the same people who own the companies make the rules... other companies often find themselves in violation of them, and subsequently, taken over themselves.

What do the rest of you make of this?

news.bbc.co.uk
(visit the link for the full news article)



posted on Sep, 7 2008 @ 10:34 AM
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