Fannie Again, U.S. Debt

Here's an update regarding the property that needs a new septic system that we offered $179K versus Fannie's asking price of $150K. Yesterday, we saw this property with a price reduction to $134K. Here is an actual example of the inefficiency in this organization. There is no encouragement to perform, because whatever losses are incurred are covered by the federal treasury with no ceiling. I also read that FNM and FRE are estimated to cost $685B. The positive in this is the Republican who is expected to replace Barney Frank as chairman of the House Financial Services Committed said he will put these two organizations at the top of his priority list to address. I will be watching to see if it goes beyond words.

Another important subject that I emphasize repeatedly is our country's debt load. It is estimated to be 67% of Gross Domestic Product by 2013 if this congress does not act in any way to contain it. We are now spending 63% more than the tax payments we receive.