Summary
ONCE again, the federal government has been forced to intervene to save America's home mortgage market, whose demise would have dragged the national economy into a deep recession.
The recent bailout of the Depression-era Fannie Mae and its 1970 counterpart, Freddie Mac, was not only necessary but fairly well- crafted, as such things go. Treasury Secretary Henry M. Paulson Jr. said the seizure of the two agencies which, with a combined 11,000 employees, have funded more than two-thirds of U.S. home loans in recent months.See the full content of this document
Extract
'Public' Blurs with 'Private'
Paulson also began a separate program in which the government will start buying securities backed by mortgages - $5 billion wor...
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