Fannie, Freddie & The Feds

In Washington, D.C., Unconfirmed Sources (satire) reports:

• With no fanfare, the Bush administration late this afternoon quietly announced that it would be initiating foreclosure procedures on both Fannie Mae and Freddie Mac, insisting that the properties therein would be sold at auction. This was a sudden turn of events as the government had merely stepped in to assess and stabilize the status of both lending institutions early this morning. Realty signs were placed on both properties directing interested parties to the White House switchboard.

For more of this satirical report, see White House Forecloses on Fannie Mae and Freddie Mac (Realty signs went up late this afternoon on the properties of both Fannie Mae and Freddie Mac).