[Vladimir]

Repeat (already wrote about this in another topic), but it is important that new information today - the United States announced the nationalization of Aunt Fanny and Uncle Freddie

The United States announced the nationalization of the largest mortgage companies
  The U.S. Treasury announced the nationalization of mortgage brokers Fannie Mae and Freddie Mac. Chapter of the American Ministry of Finance Henry Paulson explained it difficult for the federal authorities decided that "Fannie Mae and Freddie Mac are so big and intertwined with the whole financial system of the country that their crash will lead to tremendous disruption to the domestic and international markets."

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The U.S. authorities also announced a change in the leadership of mortgage brokers. A former top manager of Merrill Lynch Herb Allison will head Fannie Mae, a former top manager of US Bancorp, David Moffett will lead Freddie Mac, transmits Associated Press.

Fannie Mae and Freddie Mac were created in 1938. and 1970. under the government program to support mortgage borrowers. They were in a short list of so-called "enterprises with state support" (GSE), which provides for government guarantees on their bonds.

In July of this year U.S. administration first announced the possible nationalization of Fannie Mae and Freddie Mac in connection with the rapid deterioration of their financial situation. Erupted last year's crisis high-risk category of subprime mortgages has resulted in cumulative losses Fannie Mae and Freddie Mac to 14 billion dollars last year. The market capitalization of Fannie Mae fell from $ 40 billion (as at end 2007.) Up to 7.6 billion dollars, the capitalization of Freddie Mac - with 22 billion dollars to 3.3 billion dollars

Fannie Mae and Freddie Mac own or act as guarantors of $ 5 trillion more than the mortgage debt, and bankruptcy threatened to bring down the entire U.S. financial system.

 

07 September 2008.