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Federal Home Loan Mortgage Corporation
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More bailouts are on the horizon. Even though taxpayers will shell out at least $250 billion to cover losses from Fannie Mae and Freddie Mac, there's another, much less known federally chartered corporation that's racking up the red ink - currently $23 billion worth. The Pension Benefit Guaranty Corp. (PBGC) could be the next to fall.
Utah Rep. Jason Chaffetz, who for months flirted with the possibility of challenging fellow Republican Sen. Orrin G. Hatch, said Monday that he will seek a third term in the House instead.
When Leslie Hutchison, a Realtor with Fall Properties in Falls Church, listed a single-family home in Falls Church that included a parklike lot on a cul-de-sac, the land assessment was $80,000 higher than for three comparable homes because of the property's oversized lot.
Fixed mortgage rates fell to at or near record lows. That's good news for the few who can afford to buy a home or are able to refinance. But the rates have done little to lift the ailing housing market.
The comparisons between the Great Depression of the 20th century and now are glaring. We are already experiencing a higher unemployment rate than just before the Great Depression, our gross domestic product is growing at a snail's pace, our debt continues to mount and nobody has confidence in our government's ability to control the economy. Although we have been asked to accept "change we can believe in," most Americans recognize we have gone from bad to worse.
Gold fell Wednesday after hitting record highs near $1,630 an ounce, as a broad sell-off of riskier assets prompted bullion investors to take profits amid mounting fears of a U.S. debt default.
The government did it - cause the economic meltdown. Of course, there were other factors. But in "Reckless Endangerment," reporter Gretchen Morgenson and analyst Joshua Rosner point the biggest finger at Fannie Mae and Freddie Mac.
Want to improve the housing market? Evict Fannie Mae and Freddie Mac. It sounds harsh, but without such a serious, drastic step, the market won't get better anytime soon. The value of household real estate is down an eye-popping $6.6 trillion (that's 12 zeros, folks) since it peaked in 2007. The "government sponsored enterprises" (GSEs) known as Fannie and Freddie played a big part in inflating the housing bubble.
Moody's Investors Service on Wednesday moved toward downgrading the Treasury's AAA credit rating, considered the gold standard in world markets for most of the last century, warning that signs of a breakdown in the increasingly acrimonious budget negotiations have raised the likelihood of default.