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Fannie and Freddie lost about $12 billions since last summer!

I happen to read "U.S. seizes Fannie and Freddie" from Money.Cnn.com today and was quite surprised with the number.

According to this article, both Fannie Mae and Freddie Mac "have racked up about $12 billion in losses since last summer." It also reveals that Freddie CEO Richard Syron and Fannie CEO Daniel Mudd will no longer run the agencies, while the FHFA will assume control of the boards.

Click here to read full article.

Prepared by Sean Nguyen, Associate Broker as of 09-08-08

Posted by SEAN NGUYEN, Associate Broker on 09/08/2008 01:18 AM

Comments (3)

Fannie Mae and Freddie Mac Lost $12 Billion in the Sales Strategies / Tactics Channel

fannie mae and freddie mac lost 12 billion since last summer

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3 Comments on Fannie and Freddie lost about $12 billions since last summer!

Fannie Mae and Freddie Mac are totally necessary for the continuation of funds for residential mortgages. There are some who will complain about the takeover... but to fail to do that would be disastrous.

09/08/2008 02:10 AM

by Fort Worth Real Estate - - - Karen Anne Stone (RE/MAX Trinity)

Thanks for the comment, Fort. I totally agree with you because about half of mortgage debt backed up by the two firms.

09/08/2008 11:37 AM

by SEAN NGUYEN, Associate Broker (AMERICA'S ALL IN ONE REAL ESTATE SERVICES)

The takeover was well recieved in the stock market and bond market as well. Rates dropped signficantly today.

09/09/2008 03:33 AM

by Linda Le - Hawaii Loan Officer (Pacific Access Mortgage)

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What does the graphic say?