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Financial 411: More on Fannie & Freddie
WNYC radio’s Financial 411 had me on yesterday to talk about the future of Fannie Mae and Freddie Mac, and the great mystery I wrote about in Politico last week: Why has the Obama administration been silent about its intentions for restructuring the mortgage finance system? The tape, please.
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How the homes we live in turned into the monsters that ate our economy and the United States became a nation obsessed with real estate.
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I would assume the silence has something to do with the sheer number that their bailout will entail. The latest figures suggest that it will cost a MINIMUM of $160 billion to bail them out. $1 trillion has been said to be the worst case scenario. No wonder Obama wants to keep quiet.