Our public leaders have become adept at announcing negative news on Friday afternoons so that the news will spin out over the weekend when most people aren't paying attention. (Or, in this case, also, before the Asian markets open on Monday.) So it's no surprise that the news leaked on Friday, Sept. 5th, that the U.S. government would take control of the Federal National Mortgage Association (FNMA--or Fannie Mae) and the Federal Home Loan Mortgage Corporation (FHLMC--Freddie Mac). The formal announcement was made today. For details, see the following:
- Stephen Labotan and Andrew Ross Sorkin, "U.S. Rescue Seen at Hand for 2 Mortgage Giants," in The New York Times, posted Friday, September 5, 2008.
- Alan Zibel, (Associated Press,) "Officials Announce Takeover of Mortgage Giants,", in The Washington Post, posted Sunday, September 7, 2008: 12:11 p.m.
- Edmund L. Andrews, U.S. Unveils Takeover of Two Mortgage Giants," in The New York Times, posted Sunday, September 7, 2008.
- Michael R. Crittenden, "U.S. Outlines Fan-Fred Takeover," in The Wall Street Journal, posted September 7, 2008: 11:56 a.m.
For some background history on government bailouts, read:
- Nelson D. Schwartz, "A History of Public Aid During Crisis," in The New York Times, Sept. 6, 2008.
More bad news for taxpayers.
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