The government is using a belt and braces to hold up the show – and, most important, to get US mortgage rates down. It will recapitalise the government-sponsored enterprises by gradually buying preferred stock – a plan that will also massively dilute all existing shareholders. It will lend the GSEs what they need to continue, while slowly winding down their operations. And it will buy their mortgage-backed securities directly itself. All this is bullish for credit markets. As for the future structure of the US mortgage market – that is a problem for the next guy.
美国政府正在“腰带和背带”的双保险手段来维持局面，最重要的是压低美国房贷利率。它将通过逐步购买优先股，调整政府支持企业(GSE)的资本结构，这一计划也将大幅稀释所有现有股东的权益。美国政府将借给政府支持企业必要资金，让它们得以维持，同时缓慢停止它们的业务。它也将直接购买企业的按揭担保证券。所有这些都是信贷市场的利好消息。至于美国按揭市场的未来结构，那是下一届政府要操心的事了。