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Asset Building Event: What are Fannie And Freddie Doing to Stem the Tide?
Fannie Mae found itself on the front pages once again this week with the news that it lost $29 billion in the third quarter of 2008. Scarier still, Fannie's net worth, which was $44 billion at the end of 2007, now stands at a paltry $9.4 billion.
It has been over two months since Fannie and Freddie were seized by Federal regulators and put into conservatorship. Many of us are wondering, simply, what has happened since? Have they been more active in dealing with the continuing struggles in the housing market? Are regulators upbeat about the future of the mortgage giants?
On Thursday, November 13th from 3:30 pm to 5pm, the Asset Building program looks to find some answers to these questions. We are pleased to welcome Jim Lockhart, Director and Chairman of the Oversight Board, Federal Housing Finance Agency-- the entity that is overseeing Fannie and Freddie-- to discuss this pressing topic. Joining him will be Barry Zigas (Director of Housing Policy, Consumer Federation of America), Gregory Baer (Deputy General Counsel, Regulatory and Public Policy, Bank of America), Ellen Seidman (Director, Financial Services Policy, Asset Building Program), and Maya MacGuineas (President, Committee for a Responsible Federal Budget and Director, Fiscal Policy Program, New America Foundation).
We hope you join us for what certainly will be a lively and informative discussion. Click here to RSVP.
America is currently
America is currently undergoing a recession, which made its beginning mark in December 2007. As a result, over 1.5 million jobs have been lost in the last year. Struggling consumers are turning to payday loans and debt consolidation services hoping to maintain a solid name and livelihood for their families as the economy worsens. We are currently enduring one of the longest recessions that we have had since the Great Depression. Is there really another economic disaster on the move? One thing we must consider is the fact that America’s way of consumption has been blown out of proportion. Americans waste so much more than any other country in the world. We are also a nation that never fails for wanting the latest and greatest of everything and if we can’t afford it, we have an abundance of financial options such as short term installment loans, payday loans, or other forms of cash advances that help us to obtain it. Our ability to over-overextend ourselves financially has finally put us, as well as our country, at risk. Today consumers owe an average of over $8000 in consumer credit debt alone. We must start taking better control of our finances. How we use them or what we use them for will interpret how well we can endure any recession that may come. Conservation is another important thing we should practice. Not only should we use conservation in our financial matters, but we should use conservation with our water and energy supply. Although we are facing trying times in this country, we must remember to be appreciative that we have the privilege to access many of the things that a great number of people around the world have no access to. Eighty percent of the world lives on less than $10 a day and the poorest 40 percent of the world’s population accounts for 5 percent of the global income. The richest 20 percent of the world accounts for three-quarters of the world income. If you have food on the table, running water and a roof over your head, then you’re way better off than 80% of the world’s population. So, consider yourself lucky to have what most people world-wide consider the luxuries in life. Start limiting your consumption habits and practice conservation. Click here to read more on payday loans.
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