Sunday, December 27, 2009
Is this Iron?
or just another serving from Alice’s tea table?
Remember the ∅ptimism?
OR *clicky*clicky*
“...won’t hafta worry ‘bout payin’ my mortgage..."
Come to think… the country would’ve been better off if Teh iWon had just handed a bunch of folks a pile of ca$h from his stash ...
But look what slipped by while we were busy swilling egg nog and playing with Zhu Zhu Pets under the tree:
The Obama administration’s decision to cover an unlimited amount of losses at the mortgage-finance giants Fannie Mae and Freddie Mac over the next three years stirred controversy over the holiday.
The Treasury announced Thursday it was removing the caps that limited the amount of available capital to the companies to $200 billion each.
...o far, Treasury has provided $60 billion of capital to Fannie and $51 billion to Freddie. ...
In exchange for the funding, the Treasury has received preferred stock in the companies paying 10% dividends. The Treasury also has warrants to acquire nearly 80% of the common shares in each firm.
...company shares have been trading on the New York Stock Exchange at less than $2 apiece, and it isn’t clear when the companies will to [sic] profitability or whether common shares will have any value in the long term.
...For the CEOs, annual compensation consists of a base salary of $900,000, deferred base salary of $3.1 million and incentive pay of as much as $2 million.
...The FHFA said that Fannie and Freddie “must attract and retain the talent needed” for their vital role in the mortgage market.
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{/if}
