While the United states Armed Forces (private mercenaries) are stationed at 737 bases, in 130 nations around the world, defending “all freedom-loving people everywhere in the world,” James B. Lockhart, III, Director of the Office of Federal Housing Enterprise Oversight, allows the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (a.k.a. “Fannie Mae” and “Freddie Mac”) to use 200,000,000,000 “dollars” of its required reserves to support the troubled subprime (junk) mortgage market.
NOTE: The combined value of all subprime mortgages in the nation at this time was estimated to be 1,600,000,000,000 “dollars”–eight times that amount.
[restored 3/23/2024] Thanks to Chuck McGlawn for this entry.
Subsequent Events:
References:
A history of the Panic of 2008
www.freedomworks.org/uploads/crisis.pdf
Fannie, Freddie and the Fed Loan $400 Billion to Financial Markets
useconomy.about.com/b/2015/03/23/fannie-freddie-and-the-fed-loan-400-billion-to-financial-markets.htm
A Break for Freddie and Fannie
www.nytimes.com/2015/03/20/business/20fannie.html?_r=1
Current U.s. National Debt:
