Word: mae
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...Indeed, even without the $700 billion bailout, Paulson has already written some big checks - to cover the subsidized sale of Bear Stearns to JPMorgan, the nationalization of mortgage monsters Fannie Mae and Freddie Mac, the bailout of insurance giant AIG and the sales of Washington Mutual to JPMorgan and Wachovia to Citigroup. All of this will cost somewhere between $200 billion and $300 billion...
...government is much more responsible for this mess than Wall Street is, by failing to reform government-backed mortgage giants Fannie Mae and Freddie Mac in 2005 and by allowing subprime mortgage loans to be made to unqualified buyers. Forrest S. Walters, Erie, Pennsylvania...
...just under a month, reporters have been fashioning articles about the financial crisis by simply listing the venerable Wall Street institutions that have met their demise: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch, and, most recently, Washington Mutual...
...overwhelming majority is against it." She cites one letter as representative of the bile poured forth against the bailout: "I live on $23,000 a year. Why should I be asked to bail out a bunch of overpaid greedy heads of companies like AIG, Freddie Mac or Fannie Mae? ... If you're going to pass this bill, then it is only right that you the government pay off my mortgage. All of you ran back to Washington and took care of these overpaid CEOs, but when gas went up to $4 a gallon, you did nothing...
...view, preexistent government policies, starting with [mortgage insurer] Fannie Mae, created this situation by creating all these incentives for risky lending,” he said in a phone interview yesterday. “The bailout package doesn’t stop that. The same thing that caused the problem is still there...