Let's do the bad news first:
Mortgage lender IndyMac failed Friday and was taken over by the federal government. This is by many accounts, one of the biggest bank failures in US history and it is estimated it could cost the FDIC somewhere between $4 billion and $8 billion dollars, or roughly one tenth of its deposit insurance fund.
Fannie Mae and Freddie Mac, the government sponsered entities that are essentially the heart of the mortgage market, are struggling to raise capital and rumors of a government bailout are running rampant. The failure of these two giants would change mortgage lending in this country as we know it.
So what's the good news?
Kittens playing in boxes are still adorable. And Spoon still rocks.
Mortgage lender IndyMac failed Friday and was taken over by the federal government. This is by many accounts, one of the biggest bank failures in US history and it is estimated it could cost the FDIC somewhere between $4 billion and $8 billion dollars, or roughly one tenth of its deposit insurance fund.
Fannie Mae and Freddie Mac, the government sponsered entities that are essentially the heart of the mortgage market, are struggling to raise capital and rumors of a government bailout are running rampant. The failure of these two giants would change mortgage lending in this country as we know it.
So what's the good news?
Kittens playing in boxes are still adorable. And Spoon still rocks.
1 comments:
Forget Spin Doctors, If the government really wanted keep us from worrying, they should show us videos of cats in boxes.
"Another 1,000 civilians died in Iraq today, but here are cats in boxes" and the audience says, "Awe." and forgets all about it.
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