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US Govt to bail out mortgage banks

Sunday, 7 September 2008

The US Government is considering bailing out two of America's biggest financial institutions.

Fannie Mae and Freddie Mac together hold or back half of the USA's mortgage debt.

The proposed Government take-over, due to be announced today, would cost taxpayers around $25 billion.

Reuter's news agency says the move is an attempt by the US Government to ward off further damage to the housing market there, which is in its deepest downturn since the Great Depression.

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