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US Treasury Nationalizes Freddie Mac and Fannie Mae
"The Treasury plans to put Fannie and Freddie into a so- called conservatorship and pump capital into the companies, House Financial Services Committee Chairman Barney Frank said in an interview yesterday. The government would make periodic capital injections by buying convertible preferred shares or warrants, according to a person briefed on the plan. Paulson is seeking to end a crisis of confidence in the companies sparked by concern the companies didn't have enough capital to weather the biggest housing slump since the Great Depression."

At the news conference, Paulson acknowledged that Freddie and Fannie together hold debt and mortgage-backed securities equal in value to the size of the US national debt.

created Sep 07, 2008 by Jim Cowie

 
tags

economics
crash
collapse
nationalization

 

Discussion

2 responses

 
  • Jim Cowie Sep 07, 2008
     
    Watching the press conference, what I'm struck by is the undertone of fear. I hear voices quivering as they work to get out the harsh words that the markets have to digest by tomorrow morning.
     
  • todd Sep 07, 2008
     
    that last fact alone is startling: as much mortgage-backed securities as the entire national debt. and this is after bush and congress have been spending like drunken sailors. there appears to be no real end to this nightmare.
     
 
 
 
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