Greenspan says housing bust ‘nowhere near the bottom’

Alan Greenspan, the former chairman of the Federal Reserve, said dropping home prices were “nowhere near the bottom” and market instability shows no signs of letting up. Greenspan called mortgage giants Fannie Mae and Freddie Mac a “major accident waiting to happen” and said the government-sponsored companies should be nationalized and then sold back to the market as five to 10 separate entities.