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 Karyn rated 12 months ago - From the page: The well-being of Fannie Mae and Freddie Mac is crucial because they hold or guarantee about $5 trillion worth of mortgages -- roughly half the $9.5 trillion debt of the United States. Their troubles are just the latest depressing turn in a year-old credit crisis that shows no sign of... more
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- Karyn rated 12 months agoenergy-industry, economy, stock-market, bush-economy
- From the page: The well-being of Fannie Mae and Freddie Mac is crucial because they hold or guarantee about $5 trillion worth of mortgages -- roughly half the $9.5 trillion debt of the United States. Their troubles are just the latest depressing turn in a year-old credit crisis that shows no sign of ending, disappointing some stock traders who thought just months ago that the worst was perhaps over.
Meanwhile, Citigroup Inc., also struggling with the consequences of failed mortgages, announced it will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion. Global banks and brokerages have scrambled to sell assets and raise capital in an effort to offset nearly $300 billion of write-downs linked to the credit crisis.
Investors also had little reason to shop for bargains Friday because many financial companies are reporting results next week and are expected to announce another round of big write-downs. And there is nervousness on Wall Street over corporate results in general; they're expected to be down overall, and if results are worse than forecast, stocks could take yet another beating.
The market's other trouble spot, oil, continued its ascent on supply concerns. A barrel of oil vaulted to a record above $147, raising more concerns about inflation and the overall economy.
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