It was a rumor on Saturday, and not it is a reality. The government has seized Fannie Mae and Freddie Mac, putting the companies into conservatorship. This means that the taxpayers of the United States of America have now assumed the risk for hundreds of thousands of mortgages. This plan will wipe out current shareholders, apparently, and rumors are now indicating that the reason for the seizure was a discovery that both companies were falsifying their accounting to overstate their capital reserves.
Be expecting to hear calls for prison time for the ex-Execs of both companies. And a sharp drop in the stock market Monday morning.
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