The government has taken over Fannie Mae and Freddie Mac:
Federal regulators on Sunday took over the failing Fannie Mae and Freddie Mac mortgage companies, quasi-government entities that got into trouble with subprime lending. Officials with the Treasury Department, the Federal Reserve and the Federal Housing Finance Agency seized control of embattled mortgage giants in hopes of stabilizing the housing and financial markets.Since the people are the government, and those 2 companies account for half of the mortgages in the country, does that mean half of the country now owes themselves for their house? This is all fallout from the subprime lending thing. Why is the focus on bailing out the failing banks, and not on bailing out the homeowners? It takes 2 to make a loan, so the banks are at least as much at fault as the borrowers. It's really just the elites looking out for themselves.