July 7, 2008
Trading used houses is the core of our economy apparently
Mortgage Giants Take Beating On Fears Over Loan Defaults – WSJ.com
Congress and the White House are counting on Fannie, Freddie and the Federal Housing Administration to prop up the mortgage market as other financial institutions shun what they see as a treacherous business. Fannie and Freddie “are critical to keeping the economy going,” said Frederick Cannon, chief equity strategist at Keefe, Bruyette & Woods in San Francisco.
Fascinating – so apparently if people stopped borrowing money to buy used homes from each other, our economy will implode. This doesn’t strike me as our nation’s finest moment.
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