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Fannie and Freddie losses hit $226 billion

The government backed mortgage finance companies have burnt through $226bn in capital since the middle of 2007. The majority of those losses, or about $166bn, came from guaranteeing loans on single family homes, according to the first in what will be a series of quarterly reports from the Federal Housing Finance Agency, which regulates Fannie Mae (which is headquartered in Washington, DC ) and Freddie Mac (which is headquartered in Tysons Corner, VA).

Ballooning losses at Fannie and Freddie, which have taken $148bn in government aid to stay afloat have become a subject of intense debate in Washington. Most of the decision makers agree that the government needs to continue to provide some kind of guarantee to backstop home loans as well as stem the rising tide of foreclosures, but what form that should take is still up for debate.

Arlington County Observes Labor Day

This year Labor Day falls on Monday, September 6. All of Arlington County courts, schools, public libraries, administrative offices and nature centers will be closed on this day in observance of the holiday.

For more details about the closures you can visit: http://www.arlingtonva.us/Portals/Topics/HolidaySchedule.aspx

 

Vintage Crystal Will Serve Up Tapas and Tequila Yet Again

The Crystal City Business Improvement District is bringing the 4th annual Vintage Crystal on Sunday, September 19th from 2:00-6:00 p.m. at 220 20th Street South in Arlington, VA. Part of Crystal City BID’s goal is to promote the vibrant Crystal City restaurants, so going off of last year’s Latin theme, there will be more than 30 different wines from Spain and South America, as well as tequila, and tasty tapas.

Some of the 25 local restaurants participating include CC Bistro, Cabot Creamery, Restaurant Mez, Salsa La Glorias, Lebanese Taverna, and Zpizza. There will be over 30 different wine selections from Spain, Argentina, and Chile. Jazz music will fill the streets and local Latin American dance groups will light up the stage. But the dancing is not limited to these performers! Attendees can join in on the Salsa, Samba, Rumba, Cha-Cha-Cha with lessons provided by the Salsa Room.