Rep. Frank Calls for Abolishing Fannie and Freddie – FOXBusiness.com.

Every day we keep seeing interesting articles coming out about what to do with our current financial melt down? The argument between Republican and Democrat. Who’s right? Who’s wrong? What will happen in 2010? Are we ever going to recover from this mess?

All questions I wish I had the answer to! Now I have my opinions about the whole thing. But, who’s to say I am right? Bottom line is, I don’t think anyone really knows! So in the spirit of despair and true honesty.. It’s a crap shoot. You better vote for the one person or idea you think may know what to do.. And then just accept the consequences that come with that choic…… Scary!!!

Fannie and Freddie were created to ensure liquidity in the U.S. housing market and did so successfully until the inflated real estate market collapsed about three years ago and millions of Americans began defaulting on their mortgages.

Facing bankruptcy, the two entities were taken over by the U.S. government in 2008 and so far have absorbed more than $100 billion in taxpayer funded bailouts between them.

So what do we do with Fannie and Freddi? Do we do away with them and create another Govt. run program to take their place? Is that a good idea? I would love to know everyone’s thoughts…