dimanche 14 septembre 2008

Rescue of the mortgage giants Fannie Mae&Freddie Mac

As known, America has suffred from a prices decreasing of the the property business. The problem was that, people who loaned money to banks before the crisis, had to pay back the same amount the borrowed, but, as the prices went down, it was useless for them to give money back to banks. Then, they lost money, but when all banks are losing money, as big mortgages companies like Fannie Mae&Fredddie Mac, it makes a big problem... And that's why the government, to resolve that problem, has done something that is not in the American policy credo.
It is the Treasury Secretary, Mr Henry M. PAULSON Jr, who was named on June 19, 2006, who had the idea to reinject money from the state to rescue the mortgages companies. It was a hard desicion to choose, because we all know that the United States of America are not used to take charge of private matters. It wasn't chosen because of will, but because it was necessary, as the White House secretary, Dane M.PERINO explained :"This is not action that we wanteed to take; it was action that Secretary Paulson and others, working with the president, determined that we needed to take."
This desicion was out of principles, but it was necessary to save the mortgage market, and a big part of the american economy...

Aucun commentaire: