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US government bails out Fannie Mae and Freddie Mac

The US government has bailed out the country’s two main mortgage suppliers Fannie Mae and Freddie Mac.

The US Treasury Department and Federal Housing Finance Agency has agreed to buy mortgage-backed securities from Fannie Mae and Freddie Mac.

On top of this, the Treasury has also injected as much as $200bn of new capital plus credit lines for Fannie and Freddie.

The move echoes the UK government’s nationalisation of Northern Rock in 2007.

Ben Bernanke, chairman of the Federal Reserve, has strongly endorsed the placement of Fannie Mae and Freddie Mac into what he described as a “conservatorship”.

He says: “These necessary steps will help to strengthen the US housing market and promote stability in our financial markets.

“I also welcome the introduction of the Treasury’s new purchase facility for mortgage-backed securities, which will provide critical support for mortgage markets in this period of unusual credit-market uncertainty.”


Harpenden chairman retires

Roger Smith, chairman of Harpenden has retired, with vice chairman Michael Willis taking his place at the mutual.

House prices up 76% in Liverpool

House prices in Liverpool have increased 76% since being named the European Capital of Culture for 2008 in June 2003 with some areas seeing a 188% rise.

Mutuals fall victim to the credit crunch

The announcement today that the Britain’s ninth and eleventh largest building societies are to merge with Nationwide should not come as a surprise to the industry.

Jupp smash

Rob Jupp, managing director of Personal Touch Packaging, has finally settled on a name for the merry band of industry professionals participating in the Berlin Marathon on September 28. As nominated by Kevin Pat-erson, the name Jupp has opted for is The Lean Green Mortgage Machine. Mole is unsure about the ‘green’ part of thename but assumes it is something of an homage to Marvel anti-hero The Incred- ible Hulk.

Mental health in the mainstream

By Amanda Docherty, senior marketing consultant Apart from career success, millions in the bank and, on appearance, coveted lifestyles, what else do Rio Ferdinand, Lady Gaga and Ellie Goulding all have in common? They’ve all demonstrated that the power of celebrity can sometimes have a more altruistic purpose than idle gossip. Recently we’ve seen respected […]


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