US Govt to take over Freddie & Fannie

Have faith, markets will always go down, and they will always come back up, and than go down again, etc.

My Grandmother was just telling me tonight she remembers selling houses when interest rates were 18%! No one really could afford much, regardless of your credit.

2009 is going to be a lot like this year, but by 2010-2011 things will get better.

__________________
" to buy while blood is running in the streets."
Mayer Amschel Rothschild

More news:

U.S. seizes Fannie and Freddie - Yahoo! News

"The Treasury took $1 billion of preferred senior stock in each company but its equity stake could reach as much as $100 billion in each and will be senior to both existing preferred and common shares. The Treasury will also receive warrants to buy up to 79.9 percent of the common stock.

The Treasury this month will begin buying mortgage-backed securities issued by the companies. The credit line, which will also serve the 12 federal home loan banks, will be in place through the end of next year."

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway

Hello Russ,

InRE your post on: Sep 6th, 2008, 12:01 PM

SNIP: “Have I mentioned that the house next to our first B&B is for sale? And that we could convert it to a 5 rm B&B in DAYS? And that we could make it an 8 room B&B in a matter of months-- WHILE IT WAS UP AND RUNNING AS A 5 RM B&B?”

Is lack of capital the only reason you would not act on this property?

If yes, and you are willing to provide some more numbers, I would like to forward to a friend in Santa Rosa. It would be out of the blue (haven’t seen him since he had a child, LOL) but a number of folks in my demographic/peer group are now looking at buying into the market and he might be interested. (For whatever reason he popped in my mind when I read your post).

Not sure if I can link in my addy so if you are interested please try:

coinminer at coinmine dot com

Thanks either way.

(and maybe I'll try a PM if I have the rights here...)

I'm not trying to get off topic here, but wouldn't the difficulty of getting mortgages for the average worker actually increase the amount of people who rent apartments? Thus every real estate investor who can secure funding by creative financing might even benefit from the amount of people who are forced to rent? Am I completely wrong here?