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Trouble at Fannie Mae and Freddie Mac Stirs Concern Abroad
Summary from United States, from articles in English
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A senior US Treasury official has welcomed Freddie Mac's efforts to continue raising capital from private investors after a government rescue plan for the troubled mortgage firm and its sister company Fannie Mae was announced. (article 2)
Shares of Freddie plunged nearly 50 percent last week amid speculation the government might step in and take control of the company, which some investors believed could wipe out equity shareholders' positions even if the company continued to operate. (article 7)
The Wall Street Journal today reported that the company might try to raise as much as $10 billion in new shares to investors, a move that analysts said could nearly double its market capitalization. (article 9)
The pair have been hit hard over the past year by mounting losses tied to the downturn in the mortgage market, and the government was forced to step in over the weekend to reassure Wall Street of the companies' solvency. (article 10)
The idea comes as lawmakers scramble to limit the potential taxpayer costs of the rescue plan and satisfy critics of the government-sponsored companies who fear an open-ended bailout. (article 12)
The federal bailout plan pulled together over the weekend to bolster Freddie Mac and Fannie Mae and shore up the country's mortgage market still needs congressional approval. (article 13)
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Event tracking:
Story keywords
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Freddie, Fannie, Mac, Mae, SEC |
Source articles
- Paulson warns more hard months are ahead (msnbc.msn.com, 07/20/2008, 641 words)
- Treasury welcomes Freddie Mac fundraising (ft.com, 07/20/2008, 405 words)
- Banks sound but economy to take time: Paulson (Washington Post, 07/20/2008, 198 words)
- New Regulator in Rescue Plan Spurs Debate (nytimes.com, 07/21/2008, 763 words)
- Fannie Mae, Freddie Mac shares jump again (Washington Post, 07/18/2008, 450 words)
- Trouble at Fannie Mae and Freddie Mac Stirs Concern Abroad (nytimes.com, 07/21/2008, 1226 words)
- Freddie Mac takes step toward issuing stock (Washington Post, 07/20/2008, 260 words)
- Freddie Mac takes steps toward selling $5.5 billion in stock (L.A. Times, 07/19/2008, 593 words)
- Freddie Mac Takes Steps Toward Selling Billions of Dollars in Stock (Washington Post, 07/20/2008, 639 words)
- Freddie Mac takes step toward issuing stock (Washington Post, 07/20/2008, 418 words)
- Fannie, Freddie rise after dive a day earlier (Washington Post, 07/20/2008, 437 words)
- Govt OK sought for top pay at mortgage giants (Washington Post, 07/20/2008, 387 words)
- Boston Real Estate (boston.com, 07/18/2008, 249 words)
- Uncomfortable Answers to Questions on the Economy (nytimes.com, 07/19/2008, 803 words)
- Too Big to Fail? (nytimes.com, 07/20/2008, 1726 words)
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blaster@cs.columbia.edu
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