Fannie Mae Putting Taxpayers Back At Risk With Careless Behavior, Probe Warns

Nearly seven years after it was bailed out from the housing market crash, mortgage giant Fannie Mae is still engaging in behavior that could precipitate future financial crises and taxpayer losses, a government watchdog warns in a report to be released Wednesday. The Federal Housing Finance Agency inspector general said its latest concerns involve Fannie Mae's…

FTSE 100 Jumps after America Bails Out Fannie Mae and Freddie Mac
THE TELEGRAPH: The FTSE 100 jumped more than 100 points at the open this morning, following an earlier rally across Asia, on hopes that the nationalisation of America's two biggest mortgage lenders may help revive the troubled US housing market.

In an unprecedented move, the US Treasury yesterday took control of Freddie Mac and Fannie Mae in the largest financial bail out on record in a move designed to restore confidence in the $12 trillion (£5.8 trillion) US mortgage market.

The action, which comes at an unknown cost to the American taxpayer, prompted a bout of risk taking from investors across the globe.

Alongside the rally in the FTSE 100 and in stock markets in Germany, France, and Italy, prices for government bonds were hit and the dollar tumbled. FTSE 100 Jumps after America Bails Out Fannie Mae and Freddie Mac >>> By James Quinn, Wall Street Correspondent | September 8, 2008

THE TELEGRAPH:
Freddie Mac and Fannie Mae Rescue Sends Dollar Tumbling >>> By Jamie Dunkley | September 8, 2008

THE INDEPENDENT:
US Bail-Out Sends UK Shares Leaping >>> By Russell Lynch, PA | September 8, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (US) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (US) >>>

Fannie Mae und Freddie Mac: Bush will Hypothekenfinanzierer verstaatlichen
WELT ONLINE: Zur Rettung der durch die Immobilienkrise schwer angeschlagenen US-Hypothekenfinanzierer Fannie Mae und Freddie Mac bereitet sich die US-Regierung nach Zeitungsangaben darauf vor, die Unternehmen komplett unter staatliche Kontrolle zu stellen. Die Aktien beider Institute stürzten daraufhin ab.

Wie die „New York Times“ und die „Washington Post“ am Freitagabend berichteten, soll das Management abgesetzt und die Finanzierer mit einem Notpaket aus Steuergeldern vor dem Absturz gerettet werden. Die Geschäftsführungen seien bereits über die Pläne informiert worden, hieß es unter Berufung auf namentlich nicht genannte Regierungsbeamte. Die Führung der Unternehmen solle zunächst einem Verwalter übertragen werden. Bush will Hypothekenfinanzierer verstaatlichen >>> | 6. September 2008

The Dawning of a New Dark Age (Taschenbuch) >>>
The Dawning of a New Dark Age (Gebundene Ausgabe) >>>