Inside Job

A movie for every day of the year – a good one 07 September US government takes over Fannie Mae and Freddie Mac, 2008 On this day in 2008, the US government placed two national organisations, the Federal National Mortgage Association (aka Fannie Mae) and the Federal Home Loan Mortgage Corporation (aka Freddie Mac) into “consertavorship”, in much the same way that someone takes power of attorney over the estate of a relative who has lost their mind. Fannie Mae existed to lend out money to people who wanted to buy a house. Freddie Mac bought those mortages, repackaged them and then sold them on in a secondary market, thus increasing the amount … Read more