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Administration seeks to calm fears over Fannie Mae, Freddie Mac
Summary from Canada, from articles in English
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Concern about rising defaults and foreclosures has cut the stock price of the two companies, but the fall turned into a rout early Friday, even though the Times said no government action is imminent. (article 1)
The losses shrank after Senate banking committee chairman Christopher Dodd said the companies have access to the capital they need. (article 1)
Freddie Mac stock closed down just 25 cents to $7.75 in New York Stock Exchange trading, after falling as low as $6.68. (article 1)
Freddie Mac was as high as $14.50 on July 3, the last trading day last week, and peaked at $67.20 in the past year. (article 1)
The two companies buy mortgages and repackage them as investments, a key role in the financial underpinnings of U.S. home ownership. (article 1)
Fannie Mae's website said it has a public mission " to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. (article 1)
Freddie Mac finances housing for low- and moderate-income families by ensuring there's a stable supply of money for lenders to make the loans new homebuyers need. (article 1)
The names are based on the acronyms for the companies: Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association (Fannie Mae). (article 1)
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Other summaries about this story:
Other stories about Fannie, Freddie and companies:
Event tracking:
Story keywords
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Fannie, Freddie, companies, Mae, Mac |
Source articles
- Mortgage stocks cut losses in frantic NYSE trading (cbc.ca, 07/11/2008, 548 words)
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blaster@cs.columbia.edu
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