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Politics : Formerly About Advanced Micro Devices

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To: SilentZ who wrote (422450)	10/5/2008 12:43:26 AM
From: tejek	Read Replies (1) of 1575319

FMN and FRE don't do anything but handle mortgages, buying, securitizing, selling, guaranteeing. Other firms in trouble are in trouble due to holding investments or guarantees of securitized mortgages. Fannie Mae and Freddie Mac were not subprime lenders. They are secondary lenders. They buy mortgage loans from banks so the banks can turn around and make more loans. The subprime loans were packaged with regular loans in derivatives like CDOs. FRE and FNM didn't know they were getting garbage. They got snookered.

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