匯海論壇 - 縱橫匯海財經網站

 找回密碼
 註冊
搜索
查看: 2145|回復: 3

Officials announce takeover of mortgage giants

[複製鏈接]
發表於 2008-9-8 00:13:03 | 顯示全部樓層 |閱讀模式
The Bush administration, acting to avert the potential for major financial turmoil, announced Sunday that the federal government was taking control of mortgage giants Fannie Mae and Freddie Mac.

Officials announced that the executives of both institutions had been replaced. Herb Allison, a former vice chairman of Merrill Lynch, was selected to head Fannie Mae, and David Moffett, a former vice chairman of US Bancorp, was picked to head Freddie Mac.

Treasury Secretary Henry Paulson says the actions were being taken because "Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe."

The huge potential liabilities facing each company, as a result of soaring mortgage defaults, could cost taxpayers tens of billions of dollars, but Paulson stressed that the financial impacts if the two companies had been allowed to fail would be far more serious.

"A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance," Paulson said.

Both companies were placed into a government conservatorship that will be run by the Federal Housing Finance Agency, the new agency created by Congress this summer to regulate Fannie and Freddie.

The Federal Reserve and other federal banking regulators said in a joint statement Sunday that "a limited number of smaller institutions" have significant holdings of common or preferred stock shares in Fannie and Freddie, and that regulators were "prepared to work with these institutions to develop capital-restoration plans."

The two companies had nearly $36 billion in preferred shares outstanding as of June 30, according to filings with the Securities and Exchange Commission.
發表於 2008-9-8 08:57:35 | 顯示全部樓層
發表於 2008-9-8 09:05:24 | 顯示全部樓層
Thank your prompt re-post
發表於 2008-9-8 09:26:23 | 顯示全部樓層
"A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance,"
顶...


英文太长,整篇难以理解....
您需要登錄後才可以回帖 登錄 | 註冊

本版積分規則

小黑屋|手機版|Archiver|匯海論壇 - 縱橫匯海財經網站

GMT+8, 2025-1-24 05:55 PM

Powered by Discuz! X3.4 Licensed

Copyright © 2001-2021, Tencent Cloud.

快速回復 返回頂部 返回列表