In with the geriatric crowd: US is caricatured alongside with Fannie and Freddie
On hearing about what steps the US government have taken through gaining control of the mortgage groups Fannie Mae and Freddie Mac, the news has been put forward and emphasized within the public arena as one which indelibly affects many more world economies, than most bussiness conglomerates and fianancial industries might openly wish to discuss.
Faced with the possibility of these companies collapsing and with the fallout meaning that other commercial glitches may be difficult to reign in, as one of a few remaining acts of the Bush administration, agreements have been made to inject $100bn into the these two previously unknown leading giants.
Fannie and Freddie currently have $5,400bn in unresolved liabilities and underwrite half of all mortgages on US soil. As the arrangement stands, the chief executives of both companies are also required to leave, although their departures will not happen until every transition of ownership is complete.
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