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$1 Trillion Needed to Solve Housing Crisis


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Treasury Secretary Hank Paulson has been putting on a full-court press in the last 24 hours, making the case for his plan to shore-up Fannie Mae and Freddie Mac.

"I would rather not be in the position of asking for extraordinary authorities to support the GSEs," Paulson said in a speech Tuesday in NYC. "But I am playing the hand that I have been dealt. There is a need to support efforts that strengthen Fannie and Freddie's ability to continue to play their important role in financing mortgages and in our capital markets more broadly."

The timing of Paulson's speech -- and various and sundry media appearances -- is not coincidental. This week, Congress is expected to vote on housing legislation that includes Paulson's plan, which a GAO report said is likely to cost the government $25 billion.
JohnnyT426

2 responses // $1 Trillion Needed to Solve Housing Crisis

  • so lets suspend the iraq war for a few weeks and we will have the money
    cheakywillie
  • What about the 1.28 Quadrillion in worthless, 95% levereged, derivitives also held by the banks?
    geneonlbk

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