Experts on CNBC report more bad news for the Nations Housing Market today. Declines scheduled to be longer than the 1990-1991 slowdowns. Analysts for futures are also worried that if the housing decline continues it will take the stock market down with it.

Coupled with an earlier report on how the NAR (National Association of Realtors) is hustling to educate homeowners about delinquency and other banking institutions starting their own programs to CYA, things really don’t sound good.

And with all this going on, the Office of Federal Housing Enterprise Oversight (which governs Fannie Mae and is about 1/10 of their size) is suing former top level employees to get money which was taken under illegal circumstances.

I think its safe to say that a large chunk of the US National Debt is held by Fannie Mae mortgage backed securities which might be a problem J