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Mortgages Are Not Failing |
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President Bush
urged lawmakers to move quickly to put into force legislation
designed to help mortgage giants Fannie Mae and Freddie Mac.
Federal Reserve Chairman Ben Bernanke also told congress that
troubled mortgage giants Fannie Mae and Freddie Mac are in "no
danger of failing."
The two companies hold for guarantee more than US$5 trillion in
mortgages--almost half of the nation's total. The Bush
administration is asking Congress to temporarily increase lines
of credit to Fannie Mae and Freddie Mac and to let the
government buy their stock.
Bush said the two troubled mortgage entities play a central role
in the nation's housing market and stressed that government
action to help them were not bailouts, since the two companies
would remain shareholder-owned companies.
Amid soaring fuel prices and the toughest real estate market in
decades, it's been a difficult time for many American families.
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