Why Bailouts Stinkand Why We Need Them
Congress and the White House moved with surprising speed (measured by Washington legislative time, of course) last month to pass a bill aimed at bailing out the U.S. housing and mortgage markets. Like all legislation these days, the 694-page bill contains a grab bag of initiatives, but the most important elements put the full faith and credit of the federal government behind mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) while creating a program designed to help hundreds of thousands of troubled borrowers avoid foreclosure on their homes.
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