
Aug. 22 (Bloomberg) — Fannie Mae and Freddie Mac, the two largest mortgage finance companies, “don’t have any net worth,” billionaire investor Warren Buffett said.
“The game is over” as independent companies said Buffett, the 77-year-old chairman of Berkshire Hathaway Inc., in an interview on CNBC today. “They were able to borrow without any of the normal restraints. They had a blank check from the federal government.”
Tags: Alan Greenspan, bailout, Bank, bank failure, Bear Stearns, Bill Gates, China, Economy, Fannie Mae, Fed, Federal Reserve, Franklin Delano Roosevelt, Freddie Mac, Government, Henry Paulson, Inflation, JPMorgan, mortgage crisis, Mortgages, Treasury, U.S., Warren Buffet