UPDATE: Bush quashes Fannie and Freddie bailout talk | Survival News Network

« ‘Israeli warplanes practice in Iraq’ Spy chief Alex Allan found with ‘blood everywhere’ » Jul 11 2008 UPDATE: Bush quashes Fannie and Freddie bailout talk Posted by: Joshuah in News Via: FT.com The Bush administration on Friday attempted to quash suggestions that the US government might have to nationalise Freddie Macand Fannie Mae, the giant mortgage companies that have unsettled the financial markets, as their shares plummeted to their lowest levels in nineteen years. Hank Paulson, US treasury secretary, said: “Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission,” signalling that the Bush administration was not contemplating a rescue takeover of the two groups and wanted public shareholders to continue owning them. Describing Freddie Mac and Fannie Mae as “very important institutions”, President George W. Bush said that Secretary Paulson and Ben Bernanke, head of the Federal Reserve, would be “working this issue very hard”. Fears that Fannie Mae and Freddie Mac could become the latest victims of the credit crisis have gripped investors this week. The two institutions are pillars of the US financial system, between them holding or guaranteeing nearly half of the $12,000bn in outstanding US mortgages and accounting for nearly three-quarters of new mortgages. This entry was posted on Friday, July 11th, 2008 at 3:03 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed. Leave a Reply Name (required) E-mail (will not be published) (required) Website	Portable Solar Electronics Charger - 17-0340
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