The rescue of Fannie Mae and Freddie Mac amounts to more than a stabilisation plan – it is a bold policy intervention that aims to brighten the outlook for housing, credit and the US economy.
As such it could have a significant effect on the future course of the credit crisis, though it will probably not be enough by itself to deliver a turnaround.
The US government is taking control of three-quarters of the US mortgage industry as measured by the flow of new home loans. Moreover, it is now commiting – directly and indirectly – public money to buy mortgages.
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