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US taxpayers to prop up mortgage lenders

by Staff Reporter6 minute read
The Adviser

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.

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