by: Mark.Eibner - View Profile on 2008-08-27 @ 4.17:13 am     Leave a comment »

 

The powerful pen of the Executive Office has been wielded, endorsing housing legislation that gives broad authority to the Treasury Department for safeguarding Fannie Mae and Freddie Mac and saving thousands from foreclosure. But at what price? It increases the national debt by 800 Billion, and the liabilities for taxpayers are impossible to calculate. The Congressional Budget Office estimates that 35 percent of refinanced loans will default again. But for the moment, Fannie Mae and Freddie Mac are safe.

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