The sound of inevitability |
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Heeding “the sound of inevitability”, the US Treasury over the weekend has de facto nationalized Fannie Mae and Freddie Mac, the Government Sponsored Enterprises that play a pivotal role in the US mortgage market. The intervention is aimed at supporting the housing market, with the Treasury directly fostering an improvement in mortgage affordability, and the financial market, which is heavily exposed to the GSEs’ bonds and mortgage backed securities. I expect the market’s reaction will be
Filed under: Fundamental
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