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A new leg in this 2 year old mortgage and real estate melt down. Fannie Mae and Freddie Mac have lost the markets confidence and they need capital to continue. It will take a Government bail out of some type to keep them afloat. However, the government is stating backing of new debt, but has not given any warranty of existing debt or equity ownership.
Paulson sees mortgage assistance as backup
By MARTIN CRUTSINGER,
AP
Posted: 2008-07-15 11:54:52
WASHINGTON (AP) - Treasury Secretary Henry Paulson said Tuesday the Bush administration has no immediate plans to extend emergency loans to mortgage giants Freddie Mae and Freddie Mac or to purchase the stock of the two companies. Paulson told the Senate Banking Committee that the assistance plan put together by the administration and the Federal Reserve over the weekend was intended to serve as a backup if needed.
http://money.aol.com/news/articles/_a/paulson-sees-mortgage-assistance-as/n20080715115409990039
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