51 billion bailout for CFC

[SunTzu]

This is your tax dollars at work.....

http://www.reuters.com/article/economic ... 5620071126

[AwaySooner]

C, CFC and WM are the top 3 freeloaders. That menas they are in the shitholes. Even Wells Fargo get caught with their hand in the cookie jar. Stock went up today though. I guess rate cut solve all the mortgage and housing problem.

[TJ_98370]

"...The California-based lender has put up about $62.4 billion of mortgages as collateral for its $51.1 billion in FHLB borrowing..."

So what's the problem? You couldn't possibly be insinuating that their $62.4 billion of mortgages might not actually be worth that much, not that a declining market would have any influence on things.

[AwaySooner]

No worries, FHLB said they are "well-positioned"...to take money from taxpayers. Wonder which position?

I guess CountryWide has been giving out traditional 80% LTV mortgage the last few years? Is that what the collateral? Who knows, maybe De-Nile is a river in Atlanta.

http://www.reuters.com/article/bondsNew ... 1020071128