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U.S. takes over Fannie Mae and Freddie Mac
The U.S. government announced on Sunday that it was taking control of troubled mortgage finance giants Fannie Mae and Freddie Mac, in its latest effort to shore up the slumping housing market.
KEY POINTS: * The regulator of the two companies, the Federal Housing Finance Agency (FHFA) will manage the two companies on a temporary basis. * U.S. establishes preferred stock purchase agreements to insure each GSE retains positive net worth * Treasury’s Paulson told regulators wouldn’t commit taxpayers funds to GSEs without conservatorship * Treasury establishing secured lending credit facility for Fannie, Freddie, Home Loan Banks * Treasury to begin buying Fannie, Freddie MBS later this month under temporary program * Herb Allison to be new CEO of Fannie, Read more »
Hollywood heavyweights Robert De Niro and Al Pacino reunited on the red carpet in New York Wednesday night for the premiere of their new crime thriller “Righteous Kill” — their first film together since making 1995’s “Heat.”
The movie also stars
The Pakistani Army has been given orders to retaliate against any unilateral strike by the Afghanistan-based US troops inside the country.
Army Spokesman Maj Gen Athar Abbas confirmed the orders in a brief interview with Geo News on late Thursday night.
The
Russian President Dmitry Medvedev says he will not accept military action or new sanctions against Iran over its nuclear activities.
“We should not take any unilateral steps. It is not acceptable to opt for a military scenario. It would be dangerous,”
As the world marks the seventh anniversary of 9/11, some European experts say security improvements in the US have been undercut by fairly basic mistakes. Among the remedies is more trust in America’s laws and allies.
Seven years after the attacks
David Miliband has allegedly come in for a rather undiplomatic tongue-lashing from his Russian counterpart.
The Foreign Secretary was apparently given a furious dressing down by Sergei Lavrov over the telephone.
Mr Miliband’s criticism of Russia’s recent incursion into Georgia is believed
PIETERMARITZBURG, South Africa - A South African judge ruled Friday that prosecutors were wrong to charge ANC President Jacob Zuma with corruption, effectively clearing way for the 66-year-old former freedom fighter to become the country’s next president.
Judge Chris Nicholson’s ruling
Thailand’s political turmoil deepened Friday when the ruling coalition failed to turn up to parliament to reelect leader Samak Sundaravej as prime minister.
Lawmakers from the six-party coalition did not attend an emergency session of parliament called to choose a prime minister, three days after a court stripped Samak of power for accepting payments for hosting
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