Word: maes
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...line from by the Treasury Department that bailing out Fannie Mae and Freddie Mac was not a precedent, and that the Federal Government would not be lender of last resort to Wall Street? The public did, but Wall Street didn't. If the bank was open for Bear and Freddie and Fannie, why not Lehman and AIG? It took a high noon showdown over the weekend for Treasury Secretary Hank Paulson - one of Wall Street's own - to convince the Street's gunslingers that he wasn't kidding about the moral hazard issue...
Federal Reserve chairman Ben Bernanke, who in March put up $29 billion to entice JP Morgan Chase to take over struggling Bear Stearns, and Treasury Secretary Hank Paulson, who just over a week ago committed up to $200 billion in taxpayer funds to rescue mortgage lenders Fannie Mae and Freddie Mac, have opted not to go the bailout route this time. The Fed did announce yet another expansion of its lending programs to banks and investment banks, but so far that's it. The hope seems to be that if Lehman's (and perhaps AIG's) liquidation transpires...
...registrations include work on a number of issues that have become flashpoints in the presidential campaign. He has registered to work on bills that deal with the regulations of troubled mortgage lenders Freddie Mac and Fannie Mae, a bill to provide farm subsidies and bills that regulate domestic oil-drilling...
...What are Fannie and Freddie again? Fannie Mae and Freddie MAC--let's call them Frannie for short--are mortgage lenders. They don't make loans directly but buy them from banks, thrifts and mortgage companies that do. They hold on to some loans but repackage most of them as mortgage-backed securities (MBSS) and sell them to investors, thus sustaining the flow of money into the real estate market...
...Fannie Mae began life in 1938 as the Federal National Mortgage Association, a New Deal government agency, and was privatized in 1968 to get its debts off the government's books. Two years later, Congress created Freddie Mac, the Federal Home Loan Mortgage Corp., in part to give Fannie some competition. The firms became odd hybrids--government-sponsored enterprises (GSES) accountable to private shareholders. And they got away with holding only tiny capital reserves to insure against losses in their giant portfolios--partly because of their quasi-governmental status and partly because mortgages were supposed to be safe...