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[[File:Fannie Mae Headquarters.JPG|200px|right|thumb|Fannie Mae headquarters at 3900 [[Wisconsin Avenue (Washington, D.C.)|Wisconsin Avenue]], NW in [[Washington, D.C.]]]]
In September 2008, the [[Federal Housing Finance Agency]] (FHFA) announced that it would take over the Federal National Mortgage Association ([[Fannie Mae]]) and the Federal Home Loan Mortgage Corporation ([[Freddie Mac]]). Both [[government-sponsored enterprise]]s, which finance [[home mortgage]]s in the United States by issuing bonds, had become illiquid as the market for those bonds collapsed in the [[subprime mortgage crisis]]. The FHFA established [[conservatorship]]s in which each enterprise's management works under the FHFA's direction to reduce losses and to develop a new operating structure that will allow a return to self-management.<ref name=FHFA-Lockhart-2008-09-07>
{{cite news
|first=James B.
|last=Lockhart
|title=Statement of FHFA Director James B. Lockhart
Line 13:
|date=September 7, 2008
|access-date=September 7, 2008
|archive-url=https://web.archive.org/web/20080912172510/http://www.ofheo.gov/newsroom.aspx?ID=456&q1=0&q2=0
|archive-date=September 12, 2008
}}
</ref><ref name='FHFA-Conservatorship-2008-09-07'>{{cite news|title=Fact Sheet: Questions and Answers on Conservatorship |date=September 7, 2008 |publisher=Federal Housing Finance Agency |url=http://www.ofheo.gov/media/PDF/FHFACONSERVQA.pdf |access-date=September 7, 2008
</ref>
As of 2022, Fannie Mae and Freddie Mac remain under conservatorship, and after more than repaying their Treasury loans are building capital reserves for an expected eventual exit.<ref>{{cite web |url=https://furmancenter.org/thestoop/entry/when-will-government-control-of-fannie-mae-and-freddie-mac-end-part-2 |title=When Will Government Control of Fannie Mae and Freddie Mac End? (Part 2) |publisher=NYC Furman Center Blog |date=25 July 2022 |author=Donald H. Layton}}</ref>
==Background and financial market crisis==
{{Main|2007–2008 financial crisis}}
The combined [[Government-sponsored enterprise|GSE]] losses of US$14.9 billion and market concerns about their ability to raise capital and debt threatened to disrupt the U.S. housing financial market.{{According to whom|date=January 2017}} The Treasury committed to
The conservatorship action has been described as "one of the most sweeping government interventions in private financial markets in decades"
</ref> and one that "could turn into the biggest and costliest government bailout ever of private companies".<ref name="NYTimes-Duhigg, Labaton & Sorkin-2008-09-07">
{{cite news |first= Charles |last= Duhigg |author2=Labaton, Stephen |author3=Sorkin, Andrew Ross |title= As Crisis Grew, One Option Remained |url= https://www.nytimes.com/2008/09/08/business/08takeover.html?_r=2&hp=&pagewanted=all&oref=slogin |work = [[The New York Times]] | date=September 7, 2008 |access-date=September 8, 2008 }}
</ref>
With a growing sense of crisis in U.S. financial markets, the conservatorship action and commitment by the U.S. government to backstop the two GSEs with up to US$200 billion in additional capital turned out to be the first significant event in a tumultuous month among U.S.-based investment banking, financial institutions, and federal regulatory bodies.{{According to whom|date=January 2017}} By September 15, 2008, the 158-year-old [[Lehman Brothers]] holding company filed for bankruptcy with the intent to liquidate its assets, leaving its financially sound subsidiaries operational and outside of the bankruptcy filing. The collapse was the largest investment bank failure since [[Drexel Burnham Lambert]] in 1990.<ref name='Lehman Brothers-Who We Are'>[https://web.archive.org/web/20080704140919/http://www.lehman.com/who/index.htm Lehman Brothers – Who we are] Retrieved September 15, 2008
</ref><ref name= 'NYTimes-Sorkin-2008-09-14'>
{{cite news | first= Andrew Ross | last= Sorkin |author2=Jenny Anderson |author3=Ben White | title= In Frantic Day, Wall Street Banks Teeter | date= 2008-09-14 | url = https://www.nytimes.com/2008/09/15/business/15lehman.html?hp=&pagewanted=all | work=The New York Times | access-date = 2008-01-15 }}</ref>
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<!-- fix the blind refs in this section-->
[[File:Fannie Mae Reston facility 1.jpg|thumb|right|Fannie Mae's Reston, Virginia, facility]]
The GSE business model has outperformed any other real estate business throughout its existence. According to the Annual Report to Congress,<ref>{{Cite web |url=http://www.fhfa.gov/webfiles/24009/FHFA_RepToCongr11_6_14_508.pdf |title=Annual Report to Congress |access-date=June 20, 2013 |archive-url=https://web.archive.org/web/20130512111622/http://www.fhfa.gov/webfiles/24009/FHFA_RepToCongr11_6_14_508.pdf |archive-date=May 12, 2013
By way of contrast, during 1991–2007, commercial banks' average annual loss rate on single-family mortgages was about 15 basis points.<ref>{{cite journal|url=http://research.stlouisfed.org/fred2/series/CORSFRMACBS|title=Charge-Off Rate on Single Family Residential Mortgages, Booked in Domestic Offices, All Commercial Banks|date=November 29, 2016|website=StLouisFed.org|access-date=January 23, 2017}}</ref> During 2008–2011, annual losses were 184 basis points.
The FHFA study<ref>[http://www.fhfa.gov/webfiles/16711/RiskChars9132010.pdf FHFA study] {{webarchive|url=https://web.archive.org/web/20130220121322/http://www.fhfa.gov/webfiles/16711/RiskChars9132010.pdf |date=February 20, 2013 }}</ref> compares, on an apples-to-apples basis,
However, other critics in Washington, D.C.,{{Who|date=January 2017}} claim that the GSE business model faces inherent conflicts due to its combination of government mission and private ownership. The GSEs were given monopoly privileges against which private enterprise could not compete. Both GSEs had a line of credit with the US Treasury Department, and both GSEs were exempt from state and local income tax on corporate earnings. The GSEs were the only two [[Fortune 500]] companies exempt from regulation by the [[U.S. Securities and Exchange Commission|Securities and Exchange Commission]]. Because of implicit government backing, Fannie Mae discount notes became the second-largest short-term notes issued (second only to [[T-Bill#Treasury bill|Treasury bills]]).{{Citation needed|date=January 2017}}
The [[American Enterprise Institute]], a conservative think
In 2003, the Bush Administration sought to create a new agency, replacing the [[Office of Federal Housing Enterprise Oversight]], to oversee Fannie Mae and Freddie Mac. In 1992, in the wake of the [[savings and loan crisis]], and over concern that similar lending problems would develop, the Office of Federal Housing Enterprise Oversight was created as part of the Department of Housing and Urban Development.<ref>{{cite news| url=https://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print | work=The New York Times | first=Stephen | last=Labaton | access-date=May 2, 2010 | title=New Agency Proposed to Oversee Freddie Mac and Fannie Mae | date=September 11, 2003}}</ref> While Senate and House leaders voiced their intention to bring about the needed legislation, no reform bills materialized. A Senate reform bill introduced by Senator [[Jon Corzine]] (D-NJ) (S.1656<ref>{{Cite web |url=http://thomas.loc.gov/cgi-bin/bdquery/z?d108:s.01656: |title=S.1656 |access-date=September 30, 2008 |archive-date=January 25, 2016 |archive-url=https://web.archive.org/web/20160125055502/http://thomas.loc.gov/cgi-bin/bdquery/z?d108:s.01656:
In 2005, the Federal Housing Enterprise Regulatory Reform Act,<ref>{{Cite web |url=http://thomas.loc.gov/cgi-bin/bdquery/z?d109:s.00190: |title=Federal Housing Enterprise Regulatory Reform Act |access-date=September 30, 2008 |archive-date=March 8, 2015 |archive-url=https://web.archive.org/web/20150308154906/http://thomas.loc.gov/cgi-bin/bdquery/z?d109:s.00190:
== Federal Housing Finance Agency and Treasury authority ==
The [[Housing and Economic Recovery Act of 2008]]—passed by the [[United States Congress]] on July 24, 2008, with bipartisan support and signed into law by President [[George W. Bush]] on July 30,
{{cite news | first= David | last= Herszenhorn | title= Congress Sends Housing Relief Bill to President
| date= 2008-07-27 | url = https://www.nytimes.com/2008/07/27/washington/27housing.html
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{{cite news | last = Irwin | first = Neil |author2=Jeffrey H. Birnbaum | url =https://www.washingtonpost.com/wp-dyn/content/article/2008/07/13/AR2008071301512.html | date = 2008-07-14 | title =U.S. Unveils Plan to Aid Mortgage Giants | newspaper =[[The Washington Post]]| access-date = 2008-07-14}}
</ref>
That plan contained three measures: an increase in the line of credit available to the GSEs from the Treasury
{{cite news | last = Paulson | first = Henry | date = 2008-07-13 | url =http://www.treasury.gov/press/releases/hp1079.htm | title = Paulson Announces GSE Initiatives | publisher = United States Department of the Treasury |
access-date = 2008-07-14}}
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Also, each GSE contracted to issue common stock [[Warrant (finance)|warrants]] representing an ownership stake of 79.9%, at an exercise price of one-thousandth of a U.S. cent ($0.00001) per share, and with a warrant duration of twenty years.<ref name = 'USTreasury-GSE Stock Agreements-2008-09-09'/>
The conservator, FHFA, signed the agreements on behalf of the GSEs.<ref name='USTreasury-GSE Stock Agreements-2008-09-09'>See the senior preferred stock and common stock warrant agreements disclosed by the Department of the Treasury on September 9, 2008:
* [http://www.treas.gov/press/releases/reports/seniorpreferredstockpurchaseagreementfnm1.pdf Fannie Mae Senior Preferred Stock] {{webarchive|url=https://web.archive.org/web/20080909184100/http://www.treas.gov/press/releases/reports/seniorpreferredstockpurchaseagreementfnm1.pdf |date=September 9, 2008 }}
* [http://www.treas.gov/press/releases/reports/certificatefnm2.pdf Fannie Mae Certificate] {{webarchive|url=https://web.archive.org/web/20080909184107/http://www.treas.gov/press/releases/reports/certificatefnm2.pdf |date=September 9, 2008 }}
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* [http://www.treas.gov/press/releases/reports/certificatefreb.pdf Freddie Mac Certificate] {{webarchive|url=https://web.archive.org/web/20080909184056/http://www.treas.gov/press/releases/reports/certificatefreb.pdf |date=September 9, 2008 }}
* [http://www.treas.gov/press/releases/reports/warrantfrec.pdf Feddie Mac Warrant for Common Stock] {{webarchive|url=https://web.archive.org/web/20080909184051/http://www.treas.gov/press/releases/reports/warrantfrec.pdf |date=September 9, 2008 }}</ref>
The $100 billion amount for each GSE was chosen to indicate the level of commitment that the U.S. Treasury is willing to make to keep the financial operations and financial conditions solvent and sustainable for both GSEs. The agreements were designed to protect the senior and
{{cite news | title= Fact Sheet: Treasury Senior Preferred Stock Purchase Agreement | date= 2008-09-07 | publisher= Office of Public Affairs, United States Department of the Treasury | url= http://www.treas.gov/press/releases/reports/pspa_factsheet_090708%20hp1128.pdf | access-date= 2008-09-07 | archive-url= https://web.archive.org/web/20080909184045/http://www.treas.gov/press/releases/reports/pspa_factsheet_090708%20hp1128.pdf | archive-date= September 9, 2008
</ref>
==FHFA initial actions as conservator==
In the September 6, 2008 conservatorship announcement, Lockhart indicated the following items in the plan of action for the Federal Housing Finance Agency conservatorship:<ref name = FHFA-Lockhart-2008-09-07/>
# On September 8, 2008, the first business day of the conservatorship, business will be transacted normally, with stronger backing for the holders of [[Mortgage-backed security|mortgage-backed securities]] (MBS), [[senior debt]] and [[subordinated debt]].<ref name='FHFA-GSE contracts continuity-2008-09-07'>{{cite news|title=Statement of Federal Housing Finance Agency Regarding Contracts of Enterprises in Conservatorship |date=2008-09-07 |publisher=Federal Housing Finance Agency |url=http://www.ofheo.gov/media/PDF/FHFAStatementReContracts.pdf |access-date=2008-09-09
</ref>
# The [[Government-sponsored enterprise|Enterprises]] will be allowed to grow their guarantee MBS books without limits and continue to purchase replacement securities for their portfolios, about $20 billion per month, without capital constraints.
# As the conservator, the FHFA will assume the power of the Board and management.
# The present [[Chief executive officer|Chief Executive Officers]] (CEOs) of both Fannie Mae and Freddie Mac have been dismissed but will stay on to help with the transition.
# Appointed as CEOs are [[Herbert M. Allison]] for Fannie Mae and [[David M. Moffett]] for Freddie Mac. Allison is a former
# Other management
# To conserve over $2 billion annually in capital, the common stock and preferred stock dividends will be eliminated, but the common and all preferred stocks will remain outstanding. Subordinated debt interest and principal payments will continue to be made.
# All political activities, including all lobbying, will be halted immediately. Charitable activities will be reviewed.
# There will be a financing and
==Government support for Fannie Mae and Freddie Mac==
In addition to the government conservatorship, which CBO estimates will increase the federal government's net liabilities by $238 billion, several government agencies have taken steps to increase liquidity within Fannie Mae and Freddie Mac. Among these steps includes:<ref name='Committee for a Responsible Federal Budget: Stimulus Watch'>{{cite web |title=Committee for a Responsible Federal Budget: Stimulus Watch |url=http://www.usbudgetwatch.org/stimulus?filter0=**ALL**&filter1=82&filter2=**ALL**&filter3=**ALL** |date=2009-02-09 |access-date=February 9, 2009 |archive-url=https://web.archive.org/web/20090406064020/http://www.usbudgetwatch.org/stimulus?filter0=**ALL**&filter1=&filter2=79&filter3=68 |archive-date=April 6, 2009
# Federal Reserve purchases of $23 billion in GSE debt (out of a potential $100 billion) and $53 billion in GSE-held mortgage backed securities (out of a potential $500 billion).
# The Federal Reserve purchases of $24 billion in GSE debt.
# Treasury Department purchases of $14 billion in GSE stock (out of a potential $200 billion).
# Treasury Department purchases of $71 billion in mortgage backed securities
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{{cite news | first = Stephanie | last= Armour|author2=James R. Healey | title= Taxpayers take on trillions in risk in Fannie, Freddie takeover | url = https://www.usatoday.com/money/economy/housing/2008-09-07-fannie-freddie-plan_N.htm | work = USA Today| access-date = 2008-09-13 }}
</ref>
The [[Congressional Budget Office]] director, [[Peter R. Orszag]] announced on September 9, 2008, that the CBO intended to incorporate the assets and liabilities of the two companies into their federal budget planning
{{cite news | first= Brian | last= Faler | title= Fannie Mae, Freddie Mac to Be Kept Off Budget, White House Says | date= 2008-09-12 | publisher = Bloomberg LLP | url = https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aXJSThdqLsXg | work = Bloomberg.com | access-date = 2008-09-12 }}
</ref>
Bloomberg reported that according to CMA Datavision of London
===Related legislation===
On May 8, 2013, Representatives [[Scott Garrett]] introduced the [[Budget and Accounting Transparency Act of 2014 (H.R. 1872; 113th Congress)]] into the [[United States House of Representatives]] during the [[113th United States Congress]]. The bill, if it were passed, would modify the budgetary treatment of federal credit programs, such as Fannie Mae and Freddie Mac.<ref name=1872cbo>{{cite web|title=H.R. 1872 - CBO|url=http://cbo.gov/sites/default/files/cbofiles/attachments/hr1872.pdf|publisher=United States Congress|access-date=28 March 2014}}</ref> The bill would require that the cost of direct loans or loan guarantees be recognized in the federal budget on a fair-value basis using guidelines set forth by the [[Financial Accounting Standards Board]].<ref name="1872cbo"/> The changes made by the bill would mean that Fannie Mae and Freddie Mac were counted on the budget instead of considered separately and would mean that the debt of those two programs would be included in the national debt.<ref name=Housepushbudgetreform>{{cite news|last=Kasperowicz|first=Pete|title=House to push budget reforms next week|url=
==Market consequences==
===Bank reserves===
Many commercial banks in the United States own Freddie and Fannie preferred shares. Those shares have had their dividends suspended
Shen, Linda (September 8, 2008). [https://www.bloomberg.com/apps/news?pid=20601087&sid=a2trGkldcuzc&refer=worldwide Lenders With `Outsized' GSE Stakes May Need Capital], [[Bloomberg L.P.|Bloomberg]], Accessed 8 September 2008
</ref> Gateway bank agreed to be bought out by Hampton Roads Bankshares Inc. to make up for a writedown of $40 million on its stock in Fannie and Freddie, which put it below regulatory requirements to be considered adequately capitalized.<ref>{{cite news|url=http://www.bizjournals.com/triangle/stories/2008/09/22/daily38.html|title=Gateway Bank turns to market for $40M|last=Weisbecker|first=Lee|newspaper=Triangle Business Journal|date=2008-09-25|access-date=2008-09-25}}</ref>
===Credit default swaps===
In the [[credit default swap]] (CDS) market, the standard contracts typically used between parties to a swap define the action of placing Fannie Mae and Freddie Mac into conservatorship
{{cite news | title = Quite an event: Testing times for the swaps market | date = 2008-09-11 | url = http://www.economist.com/finance/displaystory.cfm?story_id=12209647 | newspaper =The Economist | access-date = 2008-09-11 }}
</ref><ref name='NYTimes-Reuters-Big Payments-2008-09-08'/>
Settlement on the contracts
{{cite news | agency= Reuters | title= Big Payments Are Expected in Credit Default Swaps
| date = 2008-09-08 | url = https://www.nytimes.com/2008/09/09/business/09credit.html?partner=rssnyt&emc=rss | work=The New York Times | access-date = 2008-09-12 }}
</ref>
Credit-default swaps on Fannie and Freddie have been among the most actively traded in the several months leading up to the conservatorship. "Thirteen
{{cite news | last = Biggadike | first= Oliver |author2=Shannon D. Harrington | work = Bloomberg.com | publisher = Bloomberg | title= Fannie, Freddie Credit-Default Swaps May Be Settled (Update3) | url = https://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajsxbVS.W2lQ | date = 2008-09-08 |access-date =2008-09-09}}
</ref>
The day after the conservatorship announcement, the International Swaps and Derivatives Association, which sets industry standardized contracts for [[financial derivatives]] and [[swap (finance)|swap]]s, announced it was working on a protocol on how to evaluate and settle Fannie Mae and Freddie Mac credit default swaps.<ref>{{cite web | title = ISDA to Publish Protocol for Fannie and Freddie | url = http://www.isda.org/press/press090808.html | work = (Press Release) | publisher = ISDA | date = 2008-09-08 | access-date = 2008-09-08 | archive-url = https://web.archive.org/web/20080913144416/http://www.isda.org/press/press090808.html | archive-date = September 13, 2008
Paradoxically (in relation to typical experiences when a company issuing bonds has a "credit event"), the value of the two
{{cite news | first= Aline | last= Van Duyn | title= Insight: The adventure never ends in the derivatives Wonderland | date= 2008-09-11 | url = http://www.ft.com/cms/s/0/e71d3098-8028-11dd-99a9-000077b07658.html
| work = Financial Times | access-date = 2008-09-15}}
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===September 2008 reactions to the seizure===
The immediate reactions in the finance markets on Monday, September 8, the day following the seizure, appeared to indicate satisfaction with at least the short-term implications of the Treasury's intervention. The Governor of the [[Bank of Japan]] [[Masaaki Shirakawa]] stated, "We expect the action
==Effects on the subprime mortgage crisis==
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==Financial condition of Fannie and Freddie prior to takeover==
Over 98% of Fannie's loans were
However, there was concern{{According to whom|date=January 2017}} that the GSEs' liquidity was insufficient to handle growing delinquency rates, such that although viable in September 2008, the scale of loss in the future would be sufficient that insolvency would occur and that knowledge of this future failure would induce immediate or near-immediate failure due to buyers refusing to buy debt. Both GSEs roll over large amounts of debt on a quarterly basis, and failure to sell debt would lead to failure due to lack of liquidity. A slower form of failure would be the issuing of debt at high cost (to compensate buyers for risk), which would greatly diminish the earning power of both GSEs, rendering them unable to earn the money they would need to handle expected future losses. Both GSEs counted large amounts of deferred tax assets towards their regulatory capital, which were considered by some{{Who|date=January 2017}} to be of "low quality" and not truly available capital. The deferred tax assets would only have value if the companies were profitable and could use the assets to offset future taxes. Both companies had experienced significant losses and were likely to face more over the next year or longer.<ref>[https://www.bloomberg.com/apps/news?pid=20601087&sid=a3pTtizqxtcA&refer=home Kopecki, Dawn. "Fannie Mae, Freddie 'House of Cards' Prompts Takeover". ''Bloomberg LP''. September 6, 2008.]</ref>
==Ongoing status of Fannie and Freddie conservatorship==
In testimony before a House Financial Services Committee subcommittee on June 3, 2009, Federal Housing Finance Agency Director James B. Lockhart III presented his report, "The Present Condition and Future Status of Fannie Mae and Freddie Mac.".<ref>{{cite web | title = The Present Condition and Future Status of Fannie Mae and Freddie Mac | author = James B. Lockhart III | url = http://www.fhfa.gov/webfiles/2708/FHFA_Director's_Testimony_Final.pdf | publisher = FHHA | date = June 3, 2009 | access-date = August 5, 2009 | archive-url = https://web.archive.org/web/20090612084805/http://www.fhfa.gov/webfiles/2708/FHFA_Director's_Testimony_Final.pdf | archive-date = June 12, 2009
<blockquote>As of March 31, 2009, seriously delinquent loans accounted for 2.3% of single-family mortgages owned or guaranteed for Freddie Mac and 3.2% for Fannie Mae. While those are historically high levels, they compare favorably to industry averages of 4.7% for all prime loans, 7.2% for all single-family mortgages, 24.9% for all subprime mortgages, and 36.5% for subprime adjustable rate mortgages</blockquote>
The report provides background on the origins of PLS and the
The report notes the for-profit structure of the GSEs worked counter to prudent risk management as competition reduced both market share and profits, thus eroding the GSEs credit requirements. To maintain profitability, each
<blockquote> Purchases of PLS ultimately proved disastrous for the Enterprises. Credit and market-value losses would have been even larger had the Office of Federal Housing Enterprise Oversight (OFHEO), one of FHFA's predecessor agencies, not increased the Enterprises' capital requirement by 30% and capped their asset portfolios because of accounting and control problems. </blockquote>
The [[Presidency of George W. Bush|George W. Bush administration]] was prevented from taking official action due to Senate Bill 190 of the
{{main|Collins v. Mnuchin}}
Shareholders of Fannie Mae and Freddie Mac have challenged the
==See also==
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;Background and reaction
*{{Cite news | first= Keven | last= Quealy |author2=Dylan Loeb McClain | title= A Year of Heavy Losses | date= September 15, 2008 | url = https://www.nytimes.com/interactive/2008/09/15/business/20080916-treemap-graphic.html | work=The New York Times | access-date = 2008-09-30 }} (Graphic of change in market capitalization of major firms eleven months)
* {{Cite book |title= The Origin of Financial Crises: Central banks, credit bubbles and the efficient market fallacy |last= Cooper |first= George |year= 2008 |publisher= Harriman House |location= Petersfield, Hampshire, U.K. |isbn= 978-1-905641-85-7 |
*{{Cite news | url = https://www.wsj.com/public/resources/documents/info-flash08.html?project=PAULSON0808 | title = Fannie, Freddie and Henry | work = Wall Street Journal | date = 2008-09-09 | access-date = 2008-09-09 }}
{{Subprime mortgage crisis}}
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[[Category:Structured finance]]
[[Category:Subprime mortgage crisis]]
[[Category:2000s in economic history]]
[[Category:2008 in American politics]]
[[Category:Fannie Mae]]
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