United States takes over mortgage giants Fannie, Freddie
The US government on Sunday seized control of mortgage finance companies Fannie Mae and Freddie Mac in an aggressive move to help the distressed US housing market and economy.
Officials were concerned mounting losses at the two companies, which own or guarantee almost half of the country's $12 trillion in outstanding home mortgage debt, was sapping their vitality and threatening to undermine them at a time other sources of housing finance have largely run dry.
"Our economy and our markets will not recover until the bulk of this housing correction is behind us," Treasury Secretary Henry Paulson said at a news conference. "Fannie Mae and Freddie Mac are critical to turning the corner on housing."
To read the full article, click here..
To read the ePaper, visit: http://epaper.indianexpress.com
Officials were concerned mounting losses at the two companies, which own or guarantee almost half of the country's $12 trillion in outstanding home mortgage debt, was sapping their vitality and threatening to undermine them at a time other sources of housing finance have largely run dry.
"Our economy and our markets will not recover until the bulk of this housing correction is behind us," Treasury Secretary Henry Paulson said at a news conference. "Fannie Mae and Freddie Mac are critical to turning the corner on housing."
To read the full article, click here..
To read the ePaper, visit: http://epaper.indianexpress.com
Labels: aggressive, control, economy, Fannie Mae, Freddie Mac, mortgage finance companies, United States, US housing market
posted by PressMart Team at
10:03 AM
0 Comments:
Post a Comment
Links to this post:
Create a Link
<< Home