Hello all, as some of you may or may not know Fannie Mae and Freddie Mac have been taken over by the government as of last weekend. This is the latest in a series of unconcionable actions by the feds bailing out massively flawed financial institutions and devaluing our currency and our country. Essentially what the government is doing is telling these institutions that they do not need to be accountable for their titanic screw-ups and torpid decision making, they can just fall back on tax payer money to cover the tough parts. At the forefront of the public fleecing is Daniel "my name is" Mudd-the ousted CEO of Fannie Mae who is receiving $24 million in severance pay on his way out. http://news.yahoo.com/s/nm/20080909/pl_nm/fannie_freddie_pay_congress_dc. "Here you go, you completely failed in your duties as CEO-we'll use tax payer money to reward you for doing a manure-laden job!" ARRRGGGHHHH!!! WTF with this cronyism?
There is an upside to all of this. Mortgage rates have plummeted this week to about 5.5 on a 30 year fixed down from about a 6.25%. I recommend everyone that has a rate above 5.75% to evaluate refinancing so some good can come of all this hoopla.
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