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...Freddie Mac's acting chief financial officer David Kellermann is the latest shock to ripple through the federally backed housing agency. Since essentially being taken over by the government in September, it has been one hit after another for Freddie Mac - a private company that, with sister-agency Fannie Mae, holds or guarantees more than half of all U.S. residential mortgages and finances some 70% of new-home loans, and which the Obama Administration counts on as a cornerstone in its plans to revive the housing market...
...stems, but a closer inspection suggests that Democrats deserve the most blame. Both the Bush and Clinton administrations (but especially Clinton’s) recklessly pushed to expand home ownership, fuelling the bubble in housing prices and its collapse. Former President Bush’s failure to regulate Fannie Mae and Freddie Mac permitted the crisis in subprime mortgages to build, though congressional Democrats bear the lion’s share of blame for their obstructionism: They opposed a Bush administration proposal for greater regulation, even though Fannie and Freddie’s own executives favored the change. The lack...
...credit cards among college students has risen to an all-time high, according to a report released Monday by student loan company Sallie Mae. According to the report, college students own an average of 4.6 credit cards, and the mean credit card debt has increased from $2,169 in 2004 to $3,173 last year. But students who discussed credit card use with their parents were less likely to overspend, according to the report. “Students indicated that they wanted more information about smart money management and they wanted it earlier than even college,” said...
...Administration wants to put longtime Merrill Lynch executive Herb Allison in charge of the $700 billion TARP program. Allison is currently the CEO of Fannie Mae (FNM), a job entrusted to him when the mortgage company was in deep trouble...
With charges financial firms misusing the money that the government has given them and concerns that they will be poor stewards of capital that they might receive once the results of the Administration's "stress test" of banks is done, Allison might as well stay at Fannie Mae...