07
Sep

Breaking News! – US Govt Takes Over Fannie Mae and Freddie Mac

freddieUS Government takes over mortgage giants Fannie Mae and Freddie Mac Resource: News: Yahoo.com

Treasury Secretary Henry Paulson, Jr. speaks during a news conference in AP – Treasury Secretary Henry Paulson, Jr. speaks during a news conference in Washington, Sunday, Sept. 7, … WASHINGTON – The Bush administration seized control Sunday of troubled mortgage giants Fannie Mae and Freddie Mac , aiming to stabilize the housing market turmoil that is threatening financial markets and the overall economy. Treasury Secretary Henry Paulson is betting that providing fresh capital to the two firms will eventually lead to lower mortgage rates, spur homebuying demand and slow the plunge in home prices that has ravaged many areas of the country. The huge potential liabilities facing each company, as a result of soaring mortgage defaults, could cost taxpayers tens of billions of dollars, but Paulson stressed that the financial impacts if the two companies had been allowed to fail would be far more serious. "A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance," Paulson said. But more importantly, "Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great …read full story

 

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