Monday 22 December 2014
Bits of News - Home
Main Menu
Services
Advertisement
Weblinks

 Sci/Tech

 Culture

 Pol/Econ

 News Services
Login
Writers Wanted
Town Called Dobson
Town Called Dobson
Daily Preview
Recent Articles
Recent Blog Entries
Advertisement
Pol/Econ Finance
Pol/Econ: US rescues giant mortgage lenders
print
Monday, 08 September 2008 Written by Staff
Global shares have rallied after the US government said it was taking over troubled mortgage lenders Freddie Mac and Fannie Mae.

In a dramatic move, US Treasury Secretary Henry Paulson announced the rescue plan on Sunday, before markets opened.

Between them Freddie Mac and Fannie Mae finance or guarantee nearly half of the outstanding mortgages in the US, and have lost billions of dollars during the US housing crash.

Much of their bond debt was ultimately held by Asian banks, who had recently begun withdrawing their investment.

Read the full article here.