http://www.dominionpaper.ca/taxonomy/term/1707/0 en http://www.dominionpaper.ca/weblogs/geordie/2059 <p>Over $5 trillion in troubled mortgages have been taken over (read: nationalized) by the US government. <a href="http://www.cbc.ca/money/story/2008/09/06/mortgage-action.html">Freddie Mac and Fannie Mae</a> (the two largest mortgage providers in the US) have been put into "conservatorship" in order to stop them from collapsing.</p> <p>This is the <a href="http://www.guardian.co.uk/business/2008/sep/07/freddiemacfanniemae">biggest government bailout</a> in US history and comes on the heels of Royal Bank chief executive Gordon Nixon saying that the global financial system has been "<a href="http://www.cbc.ca/money/story/2008/09/05/banks.html">pushed to the brink</a>".</p> http://www.dominionpaper.ca/weblogs/geordie/2059#comments Capitalism corruption economics sub-prime USA Sun, 07 Sep 2008 19:01:48 +0000 Geordie 2059 at http://www.dominionpaper.ca