"WASHINGTON (AFP) — US President George W. Bush said Sunday that the US government takeover of ailing mortgage giants Fannie Mae and Freddie Mac would strengthen the US economy and help quiet roiling real estate and financial markets.
'Americans should be confident that the actions taken today will strengthen our ability to weather the housing correction, and are critical to returning the economy to stronger sustained growth in the future,' Bush said in a statement, after the US government placed the two financial institutions in a 'conservatorship.'
Bush said a financial system meltdown from the potential failure of Freddie Mac and Fannie Mae posed 'an unacceptable risk' to the US economy.
Treasury Secretary Henry Paulson on Sunday announced the takeover of the two government-chartered, shareholder-owned firms, which underpin trillions of dollars of home loans and a have an enormous global financial footprint."
Monday, 8 September 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment