Op-Ed: Freddie Mac, Fannie Mae Plus Feds Equals Deep Trouble

The United States Treasury Dept and Federal Housing Finance Agency are on track to takeover operating control of Fannie Mae and Freddie Mac. Does it get any worse than that?

Freddie Mac and Fannie Mae being taken over by the Feds is a bad move, maybe as bad as letting the two mortgage giants fall flat on their collective keesters. Not solely due to the cost of the debt incurred by taxpayers when we as a group are already overburdened by taxes. The objection which strikes me as so abhorrent is the idea of having the Feds take over anything at all, let alone enough mortgages to equal $5 trillion worth of debt and try to manage the problem in a hands on process. The beginning of Fannie Mae goes back to the Great depression and 1938 when it was formed as a governmental agency and lasted into 1968 when President Lyndon Johnson turned it into a privatized shareholder company. It is not time for Fannie Mae or Freddie Mac to become another Federal Agency and bureaucracy even by default or by indirect means of control. I don't even trust the Feds to run the government they are struggling with now, why should they be allowed to begin taking control of nearly half of the mortgages in this country? This is the sort of move which lends itself to all sorts of conspiracy theories and motives of initiating the New World Order with all the strings running through Washington and then to Zurich or perhaps Geneva. This type of move also beggars the imagination as to who might be chosen to run such a behemoth organization. $5 Trillion is a lot Chinese yuan. 1 Chinese yuan = 0.146152 U.S. dollars The one good reason to do something as stupid as allowing the Feds to get involved in running the mortgage market again in such a fashion would be to allow China, the U.A.E, and any of the other oil rich nations to have access to the purchase and then to do a "Chavez" and nationalize the whole mess, thereby soaking up a few trillion dollars we've previously sent overseas to our enemies. Maybe that's the plan the Feds have in mind? Never mind, that would only happen in a fairy tale.