Discover the best of the web!
Learn more about Digg by taking the tour.
World's largest mortgage providers on the brink of collapse
independent.co.uk — The collapse of California's Indymac Bank, which had assets of $32bn ( £16bn), came amid speculation that regulators are also preparing to step in to save the two federally-backed finance houses known as Fannie Mae and Freddie Mac, which together have commitments of $5 trillion, amounting to half of America's mortgage book.
kickoff22- 125 diggs
- digg it
- life38, on 07/13/2008, -0/+3Let them all fail and let's get on with it.
- chupavacas, on 07/13/2008, -0/+6Name of the game is "Bailout" and you get to pay for it! $5 trillion will double the national debt.
- richmomz, on 07/13/2008, -0/+2Our choices:
- Nationalize Freddie and Fannie and we bail out the crooks with our tax dollars.
- Fed floods them with more liquidity to keep them solvent and we bail out the crooks with skyrocketing inflation.
- Just let them fail and watch the value of everyone's home crumble as mortgage rates and student loan interest rates rise to double digits overnight (repeat of the early 80s).
No matter what course of action our enlightened leaders choose, we're screwed. - edstate, on 07/14/2008, -0/+4If you knew the Government "had your back" you'd make stupider decisions than normal, too. That's the problem with these quasi-public entities. On paper, they're all warm and fuzzy "affordable educations and white picket fences for all!", but in terms of basic economics they just raise the price of education, and flood the mortgage market with people who have no business owning a home. All in the name of "fairness". And, once again, the tax payers are having to pay for the bastardised result.
- rahulbrown, on 07/18/2008, -0/+1Here's where to withdraw money from IndyMac & avoid lines:
http://digg.com/business_finance/IndyMac_Where_to_ ...
Digg is coming to a city (and computer) near you! Check out all the details on our 
© Digg Inc. 2008 —
Content posted by