There’s always something to howl about.

Quick update on the rumors….

If any of you have enjoyed the “give and take” between Sean and I about the Fannie Freddie death watch, it appears, based on reports in the Wall Street Journal and others that the bailout is happening this weekend.   What shape is it taking?   Lots of rumors, very few facts.

Here’s what I feel safe saying I know for now:

1. If you own common shares in Fannie or Freddie, you can probably use them for wallpaper.

2. If you own “debt” from Fannie or Freddie, you’ll be fine.

3. I’m still going to be writing mortgages next week.   The purpose of the bailout is to make sure the housing market stays moving and doesn’t precipitate a total financial collapse.

If I know more, I’ll write more later.

Tom Vanderwell