Friday, January 30, 2009

Fannie and Freddie in the news again.

posted by The Vidiot @ 3:32 PM Permalink

Though, not for the usual reasons. Seems some 'disgruntled employee' was going to take down Fannie by erasing all sorts of data with some malicious code. The code was to be activated tomorrow and probably would've given anyone whose mortgage was held by Fannie a hearty yet mordant chuckle.

Freddie, on the other hand, is slapping its mortgage holders in the face by saying, "even though you've lost your home due to foreclosure, we're going to be civilized and let you pay rent to continue to live there." Their reasoning?
"Keeping foreclosed properties occupied and in better repair will support local property values and promote a faster recovery in the housing market," said Freddie Mac Chief Executive David Moffett.
Our corporate overlords. Constantly looking out for what's best for us. See how benevolent they are?

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