Historians will look back on Washington’s bailout of GM and Wall Street as the right move. That’s because it’s now clear that the costs of doing nothing would have been far higher, and it turns out that taxpayers may suffer onl…
In a New York Times op-ed, billionaire investor Warren Buffett expressed gratitude for the U.S.’s swift action: “In this extraordinary emergency, you came through — and the world would look far different now if you had not.”
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The rescue of mortgage giants Fannie Mae and Freddie Mac could cost as much as $363 billion over the next three years — more than double the amount spent so far — the Federal Housing Finance Agency announced Thursday.
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The government’s efforts to stem the foreclosure crisis may have been hampered by its reliance on Fannie Mae and Freddie Mac, according to a new report.
The two mortgage giants have “a history of profound corporate mismanagement,” and were overly reliant on subcontractors, the report by the Congressional Oversight Panel said.
Private businesses “do not take an oath of office, nor…
Continue reading Report: Treasury Outsourced Foreclosure Bailout
Report: Treasury Outsourced Foreclosure Bailout originally appeared on DailyFinance on Thu, 14 Oct 2010 07:33:00.
Filed Under: Company News, Economy, Real Estate, Taxes, Credit
After countless angry political speeches and the threat of economic collapse, the government’s $700 billion bailout of banks, insurance companies and auto companies draws to a close Sunday – and it will likely cost only a fraction of what was expected….