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A very interesting twist on the credit crunch

This has quite interesting ramifications for the credit crunch...

US financial officials have outlined plans for the government to take over the failing mortgage giants Freddie Mac and Fannie Mae.

The two companies account for nearly half of the outstanding mortgages in the US, and have lost billions of dollars during the US housing crash.

The most recent figures show about 9% of US homeowners were behind on their payments or faced repossession.

The federal takeover is one of the largest bail-outs in US history.


We shall see what this means in time...
--
tnn

Posted 9/07/2008.

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