GSE Attempts To Help Mortgage Market Squashed

8/10/2007

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GSE Attempts To Help Mortgage Market Squashed

Fri, 10 Aug 2007 12:49:14 EST
Investors in the two government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae got their hopes up early in the week based on speculations that federal regulators - specifically the Office of Federal Housing Enterprise Oversight (OFHEO) - might allow the two mortgage giants to buy more home loans in an effort to shore up what has become a catastrophic residential credit market.
...The Federal Reserve also stepped up both Thursday and Friday, pumping billions into the system. The Fed said it stood ready to provide emergency funds to banks and that it would do whatever was necessary to keep markets from what Reuters called "seizing up."
Reuters said that such statements from the Fed are unusual, with the last having come after the September 11, 2001, terror attacks, and ... Read Full StoryEmail This Story To A Friend

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