Автор: Crimble
Дата: 12-07-08 00:42
Concerns over the future of America's two federal mortgage lenders heightened after it emerged the US government has held behind-the-scenes talks over what to do should they collapse.
The Bush administration is understood to have stepped up conversations in recent weeks on what to do if Fannie Mae or Freddie Mac falter, with US Treasury secretary Hank Paulson leading the contingency planning.
Although neither Fannie nor Freddie provide mortgages to individuals, they are the linchpin of the US mortgage market, providing liquidity to lenders by guaranteeing $5,000bn (£2,500bn) of mortgages, equivalent to almost half of the US mortgage market.
They were set up in 1968 and 1970 respectively to provide stability and liquidity to the housing market, and are known as GSEs - government-sponsored enterprises - but are not backed or funded by the US government.
# More on economics
In the continuing credit crisis, the pair have played an increasingly important role in helping stabilise America's crippled housing market, in which banks have become increasingly nervous about lending due to already sizeable losses.
William Poole, former president of the St Louis Federal Reserve, believes both are insolvent as a result of heavy losses, pointing out that Freddie, the smaller of the two, owed $5.2bn more than its assets were worth at the end of the first quarter. "Congress ought to recognise that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer," he said.
Although it is understood the administration has yet to finalise a plan should something happen to either Fannie or Freddie, the main options are either a funding injection from the Federal Reserve or fundraising from investors.
Fannie led some investors to believe that it is running out of money on Wednesday when it offered a record coupon on the sale of $3bn of two-year loan notes, with the company's credit default swaps implying that its AAA-rated debt is actually trading five credit notches lower.
Shares in the pair fell as much as 24pc and 35pc respectively yesterday despite supportive words from Mr Paulson, who said that they were adequately capitalised and were playing a vital role in the market.
Meanwhile, rumours continued to circle Lehman Brothers, with suggestions that both Pimco, the world's largest fund manager, and US hedge fund SAC Capital had stopped trading with the investment bank. The speculation pushed Lehman's shares down by as much as 19pc at one stage, despite denials from both Pimco and SAC Capital.
Pimco's Bill Gross added that there was no question over Lehman's solvency. Lehman Brothers has a policy of not commenting on rumours.
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