10 Years Later: The Bailout of Fannie & Freddie
2,377 views · Published 7 September 2018 · 1:16 · Indexed 4 November 2026
Channel: Bloomberg Television · 2018 · News & Politics
Sep.07 -- On September 7, 2008, Fannie Mae and Freddie Mac were taken over by the U.S. government. U.S. Treasury Secretary Hank Paulson called the rescue "necessary." Fannie Mae was formed in 1938 as part of the New Deal, encouraging banks to underwrite mortgages and increase homeownership. Freddie Mac was established in 1970 to compete with Fannie Mae, creating a more robust mortgage securities market.
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