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US taxpayers to prop up mortgage lenders

Staff Reporter 1 minute read

Ailing US lending giants Fannie Mae and Freddie Mac are to receive further government support, the treasury announced on Christmas Eve.

According to a report in the Wall Street Journal, the US$200 billion the government has already pledged to each institution will be increased over the next three years to keep them solvent.

Every US household has already effectively been stung $3,800 to keep both firms afloat.

US taxpayers to prop up mortgage lenders
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