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04/09/2004 Entry: "Home ownership and our government"

"Fannie and Freddie were created by Congress as private companies to encourage home ownership and -- in theory, on paper -- the taxpayers aren't responsible if they go bust.

"Unfortunately, the markets have always assumed that Fannie and Freddie's debt was guaranteed by the U.S. government. Should they go under and the government not pay, it would be as though the United States government were defaulting on a sort of low-level debt.

"All that would do is cause financial collapse and chaos and probably worldwide depression, but try not to think about it too long."
Looking at Freddie and Fannie's Finances, by Molly Ivins, Sunday February 29, 2004

 

 

 

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