Friday, August 8, 2008

A 2.3 Billion Loss for Fannie Mae. Shameful.

1 comment:

Matt S. said...

http://money.cnn.com/2008/08/08/real_estate/more_expensive_mortgages/

"Mortgages get more expensive - again."

"In wake of huge losses, Fannie Mae announces changes that will make home loans harder and more expensive to obtain."

"The company said it will increase its fees, stop buying certain high-risk loans and charge a higher risk premium for buying loans in the declining market."

"[These actions] have raised the costs of mortgage credit and reduced its availability," said Mark Zandi, chief economist for Moody's Economy.com. "Policy makers had been hoping they would move forward to provide more credit and now they're just hoping they don't pull back."

"The increases were inevitable, according to Keith Gumbinger of HSH Associates, a publisher of mortgage loan information."


"Inevitable" people, INEVITABLE.