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{{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 |accessdate =2008-09-09}}
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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 | accessdate = 2008-09-08 | archive-url = https://web.archive.org/web/20080913144416/http://www.isda.org/press/press090808.html | archive-date = September 13, 2008 | url-status = dead }}</ref> Most of these swaps were settled on October 6, 2008.<ref>{{cite web | title = ISDA ANNOUNCES SUCCESSFUL IMPLEMENTATION OF FANNIE MAE, FREDDIE MAC CDS PROTOCOL | url = http://www.isda.org/press/press100608.html | work = (Press Release) | publisher = ISDA | date = 2008-10-06 | accessdate = 2009-08-05 | archive-url = https://web.archive.org/web/20081210061413/http://www.isda.org/press/press100608.html | archive-date = December 10, 2008 | url-status = dead }}</ref>
Paradoxically (in relation to typical experiences when a company issuing bonds has a "credit event"), the value of the two GSEs bonds rose to the vicinity of par value after the conservatorship. This means, that some owners of swaps that were hedging against the risk of a bond default, may be worse off, since the value of the bonds may be higher than when they purchased the swap. Cash auctions are reported to be scheduled for October 2008 to settle CDS contracts in relation to the GSEs.<ref name = 'Economist-Swaps Market-2008-09-11' /><ref name='Financial Times-van Duyn-2008-09-11'>
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