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September 7, 2008

The Bottom of the Housing Market?

fred_maclogojp.JPG The following article is from nytimes.com. It talks about what happened Friday evening. Basically the Feds are taking over Freddie and Fannie. fanniemaelogojp.JPG This wipes out all their equity but will keep them running and provide enough liquidity at cheap rates to help the housing market.

This could be the signal that things are going to get better. Rates are going to come down, credit will be easier to get, and we will start working off all the excess real estate inventory we have.

Things are going to get better. But hang on to your hats, it's still going to be a bumpy ride.

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September 6, 2008

U.S. Rescue Seen at Hand for 2 Mortgage Giants

By STEPHEN LABATON and ANDREW ROSS SORKIN

WASHINGTON -- Senior officials from the Bush administration and the Federal Reserve on Friday called in top executives of Fannie Mae and Freddie Mac, the mortgage finance giants, and told them that the government was preparing to place the two companies under federal control, officials and company executives briefed on the discussions said.

The plan, which would place the companies into a conservatorship, was outlined in separate meetings with the chief executives at the office of the companies' new regulator. The executives were told that,...

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