Monday, July 14, 2008

Word is that mortgage giants, Freddie Mack and Fannie Mae – the largest backers of US mortgages – are facing serious finanical troubles. Just as with Bear Stearns, a major investment banker, the Federal Reserve is being asked to make up the shortfall. Don’t misunderstand, such an act will have a devastating impact to our economy and will send us into a downward spiral that will last for years to come.

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