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Fed Takes Over Fannie and Freddie

September 8, 2008

Got this news alert today:

The federal government has taken control of ailing mortgage giants Fannie Mae and Freddie Mac. Bush administration officials announced Sunday that the executives of both institutions had been replaced.

This seems like de javu of the S&L crisis in the 90s only no resolution trust corporation to sell off foreclosed assets. Instead we agents are scrambling to handle the tidal wave of short sales and REOs that are coming on the market.

What do you think the Fed’s next move will be?

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