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sub-prime

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September 7, 2008 Weblog:

Freddie Mac and Fannie Mae "Nationalized"

Over $5 trillion in troubled mortgages have been taken over (read: nationalized) by the US government. Freddie Mac and Fannie Mae (the two largest mortgage providers in the US) have been put into "conservatorship" in order to stop them from collapsing.

This is the biggest government bailout in US history and comes on the heels of Royal Bank chief executive Gordon Nixon saying that the global financial system has been "pushed to the brink".

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The Dominion is a monthly paper published by an incipient network of independent journalists in Canada. It aims to provide accurate, critical coverage that is accountable to its readers and the subjects it tackles. Taking its name from Canada's official status as both a colony and a colonial force, the Dominion examines politics, culture and daily life with a view to understanding the exercise of power.

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