2008-09-07 — blogspot.com
The government’s planned takeover of Fannie Mae and Freddie Mac, expected to be announced on Sunday, came together after advisers poring over the companies’ books for the Treasury Department concluded that Freddie’s accounting methods had overstated its capital cushion, according to regulatory officials briefed on the matter.
Gosh, ya think? We have been harping on this the whole year. Remember when OFHEO suddenly reversed-course and allowed Fannie and Freddie to reduce their capital by 30%? That move is looking pretty dumb right about now. We cried foul... most of the mainstream cheered.
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