History Being Made Part 2

Freddie Mac and Fannie Mae have been seized.

The Government Takes over Two Pillars of Our Economy

Why is this history? Well, because this has not only never been done before, but these two companies were established so this would hopefully never have to happen. But as typical corporate America will play out, when you have people that get a little too money hungry and not acting in the public best interest - you have these things happen. If you don't remember, Fannie Mae had a massive accounting scandal about 5 years ago. And they have been a government sponsored (chartered) enterprise, yet they are also a public company. Get your head around that concept. I personally don't think a government chartered entity should also be allowed to be a public entity but that is my own personal opinion. However, this has major impacts to our economy and of course my industry.

As I sit back and watch my industry implode, it amazes me that I still have a job. I am thankful that I have my house and can still make my payments when so many people out there are losing their jobs and losing their homes. And when you lose your home, you lose any of the equity in it you had stored up, you lose the ability to step into a home for two years, and now in order to get into a home - we have reverted to pre 2000 when you had to bring some money to the table (thousands) in order to get into a home. In some ways it is a good thing - it helps ensure that people don't just walk away since they have some of their money they had to save tied into the house. But how is this for a circle of events (Staci - feel free to tell Bill if you are trying to Bush bash :) ).

When Bush took office - he stood up on a campaign of everyone gets a home. Now 8 years later with our industry that has spiraled out of control as a result of that mandate, now .................everyone loses their home (and their job).

Scary times ahead as this is not the end of it.