US takes over mortgage giants - 08 Sep 08

It's one of the biggest financial bail outs in the history of the United States and its impact is being felt around the world.

The US Federal Government has taken over the mortgage giants Freddie Mac and Fannie Mae. The two acccount for nearly half of all the outstanding mortgages in the US.

Together they own or guarantee mortgages worth more than $5 trillion - almost the equivalent of Japan's GDP.

And the threat to them is very real because of the housing market collapse. One in ten Americans is behind on payments or faces repossession and both companies are losing billions.

John Terret takes a look at the details of the bailout plan.

Category:

News & Politics

Tags:

• Al
• Jazeera
• aljazeera
• Freddie
• Mac
• Fannie
• Mae
• US
• Federal
• Government
• bailout

[GuyInvincible111]

corporate welfare

[Organjic]

America, prepare for a crash! Buy Rice, canned foods, and stock up on water!!!!

[spectrum0590]

Mortgage crisis is U.S government fault, they keep suggesting $300,000 can be afforded by most American for a home. But the truth is $100,000 is the only amount of a house that majority of American can afford.

[WolYou]

The US government have nothing to back their promises. Whats happening now is that faith moves from the ill financial markets to even more deluded positions. The collapse will be much worse if you postpone it.

[AdorIslam]

Zionists have screwed America in the ass.

[Anothercoilgun]

Well the the U.S system freeze!

Spare th rod and spoil the child. Why is this nation so damn blind. When the next crisis hits, there will be resources from which the nation can recover. Better to suffer now and save up then to spend all now and then be broke just around the corner talking about "We did not see it coming" Bull shit.

[IAMBELOVEDIAM]

None of you have a say in this matter...the Government is taking over all the houses so we have no where to live and they can control us even easier...were going to lose it all and the New World Order will be our new religion.

[ragnar336]

i wouldnt mind alliances in the middle east, or anywhere for that matter.

and hey if we needs oil we takes oil ok this isnt running a small business this is running something much biggeer

if you wanna roll with the big dogs you cant piss like a puppy.

[crazycatfguy]

"im pretty sure it will be different". What is that based on? Obama's foreign policy adviser is Brzenzki and his VP is Biden. Brezenzki wants new wars for oil and gas in former republics of the USSR (his book "the grand chessboard") and his VP is a hard core zionist (interview with Israeli Shalom Tv).

[ragnar336]

agreed.

[crazycatfguy]

I am "paranoid" because neither candidate offers real change in the economy.