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Fed takes boldest action since the Depression to rescue US mortgage industry
rmowery
follow
2
3-15-2008 1:11 PM
256 views
tags:
housing
,
government
,
mortgage
,
debt
,
depression
,
us
rmowery
says:
How low can it go? Almost feels like that party game.
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/00b29232-316e-476b-802b-18b0b2c4513a/36795BEE-E428-4D6E-942F-5B93BB1B3689/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/12/cnfed112.xml&CMP=ILC-mostviewedbox" href="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/12/cnfed112.xml&CMP=ILC-mostviewedbox" style="font-size: 11px;">www.telegraph.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/12/cnfed112.xml&CMP=ILC-mostviewedbox"><H1> Fed takes boldest action since the Depression to rescue US mortgage industry</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/12/cnfed112.xml&CMP=ILC-mostviewedbox"><P class="story">The US Federal Reserve has taken the boldest action since the 1930s, <A lang="en.uk" href="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/11/bcnfed111.xml">accepting $200bn of housing debt</A> as collateral to prevent an implosion of the mortgage finance industry and head off a full-blown economic crisis.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/12/cnfed112.xml&CMP=ILC-mostviewedbox"><P class="story">The Bank of England, the key European central banks, and the Bank of Canada all joined in a co-ordinated move with a mix of policies to halt the dowward spiral in the credit markets, expanding on the "shock and awe" tactics used late last year.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/12/cnfed112.xml&CMP=ILC-mostviewedbox"><P class="story">The Fed's dramatic step came after an emergency conference call by governors on Monday night. It followed the melt-down of the US chartered agencies -- Fannie Mae, Freddie Mac, and other lenders -- which together guarantee 60pc of the entire US home loan market. Fannie Mae's share price fell 19pc in panic trading on Monday after Barron's magazine said it may need a rescue package.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/36795BEE-E428-4D6E-942F-5B93BB1B3689/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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