Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back.
If only it were the $64 million question. The taxpayer bill for rescuing Fannie Mae and Freddie Mac could turn out to be the $64 billion question. Or more - or less.
A record 1.249 million homes were in foreclosure during the second quarter of 2008, according to a report released Friday by the Mortgage Bankers Association.
You already know that the housing crisis has wreaked havoc with the economy and financial markets, not to mention the lives of millions who've lost or could lose their homes. But there may be a less obvious casualty too: your retirement prosperity.
Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.
The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions.
