The Ministry of Finance undertakes rescue of the largest mortgage companies of the USAthe Ministry of Finance and Federal reserve system (FRS) the USA officially declared the decision to support the largest mortgage companies Freddie Mac and Fannie Mae in overcoming of consequences of financial crisis.
the Minister of Finance of the USA Henry Polson has declared that the government is ready to increase the demand line of credit to both companies if they address with the similar request, and also in case of need to redeem a part of their share capital.
in statement FRS also it is told about readiness to give Freddie Mac and Fannie Mae the credit, transfers Associated Press.
also in case of approval by the congress of the USA of the plan of support Freddie Mac and Fannie Mae FRS hopes to receive “ advisory powers “ in management of the companies.
on July, 11th in the American mass-media there was an information that US authorities consider possibility of nationalisation of mortgage creditors Fannie Mae and Freddie Mac in case they cannot consult with the financial problems.
at such succession of events the stock value of these companies will be close to zero or zero, and any losses on mortgage loans which are provided Fannie Mae and Freddie Mac, will be compensated for the account of the American tax bearers. A bit later G.Polson has declared that the government will continue to support mortgage creditors Fannie Mae and Freddie Mac in their present condition that they could carry out the mission assigned to them.
companies Fannie Mae and Freddie Mac own or act as guarantors nearby 5 trln dollars of mortgage promissory notes. Bankruptcy of one of these giants and furthermore both, can cause negative consequences both for the American economy, and for world economy as a whole.