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Treasure secretary Henry Paulson announced yesterday that he will ask congress to help the mortgage giants Fannie Mae and Freddie Mac to get better deals on loans from the Federal Reserve as well as a support of $15 billion into the two mortgage giants.
The real estate foreclosure crisis pushed the two giants to drop more than half of their market value last week, and Wall Street has already picked up the damage and started the week on its lowest levels since since 2006.
Last week President Bush called a rescue package to aid Fannie Mae and Freddie Mac who together finance half of America’s loans.
HUD Fair Housing Equal Opportunity