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Twin mortgage giants to be rescued by US government |
| Written by Bernard Kayden | |
| Tuesday, 15 July 2008 | |
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Federal National Mortgage Association and the Federal Home Mortgage Corporation are likely to be rescued by the US government amidst speculation that the collapse of the two would hit the UK markets.<br><br> London (Ask4loan) July 15, 2008: The US government is likely to rescue the Federal National Mortgage Association and the Federal Home Mortgage Corporation, two of the United States' biggest mortgage companies. This was witnessed in the emergency talks held this weekend.This race against time attempt by the US government was made prior to the opening of the US financial markets on 14th July. This is because both these mortgage companies own or guarantee half of the country's $12 trillion of mortgages. On Friday, regulators stepped in with a £4bn rescue for the fifth US Bank to collapse in 2008, IndyMac Bancorp, due to the prevailing mortgage crisis and the 3rd largest banking failure in the US history. The impact was seen in the UK and European markets with shockwaves witnessed in the markets along with a rise in the mortgage costs followed by a tightening of the mortgage lending criteria. US Treasury Secretary Hank Paulson admitted that the fallout of these two mortgage sector giants is attributed to defaulting homeowners on repayments. He also said that the US government will be pumping cash into them through mortgage bonds. Justin Urquhart Stewart, an analyst with the Seven Investment Management, said that the latest debacles in the US market will lead to a double whammy in the UK market. For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.ask4loan.co.uk/ |
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