US rescues giant mortgage lenders

 Skrevet av Staff - Publisert 08.09.2008 kl. 19:33

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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.

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