From the UAE Business 24/7
US federal authorities' seizure of mortgage lender IndyMac Bancorp Inc on Friday after withdrawals by panicked depositors is seen by analysts as a sign that the worst is not over yet in the global financial crisis. The news was exacerbated by the market wiping almost half the share value of the two biggest mortgage finance giants Fannie Mae and Freddie Mac, before they recovered a bit with the news of government support if needed. The two government-chartered, shareholder-owned giants underpin some $5 trillion (Dh18.35trn) in home loans and both have lost around 75 per cent since the start of the year.
See related article: IndyMac bank crisis signals new takeover era
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