This quote is from a May 7, 08 NYTimes article re: the 2 Major Mortgage Players in our market. This is a GIANT wake up call to investors and regulators, and I hope someone is listening!
"The companies are sitting on as much as $19 billion in additional losses that they have not yet fully acknowledged, analysts say. If either company stumbled, the mortgage business could lose its only lubricant, potentially causing the housing market to plummet and the credit markets to freeze up completely."
Here is a link to the complete article...
http://www.nytimes.com/2008/05/06/business/06fannie.html?_r=1&scp=1&sq=May+6%2C+2008+Fannie&st=nyt&oref=slogin
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