European stocks soar in early trade, Paris up four percent (AFP)
AFP - European stock markets surged in early trading on Monday, mirroring sharp gains won across Asia after the US government seized control of ailing mortgage giants Fannie Mae and Freddie Mac. More »
Fannie, Freddie deal helps some borrowers, not all (AP)
AP - The government's historic bailout of Fannie Mae and Freddie Mac on Sunday will be good news to homebuyers and some homeowners hoping to refinance if it leads to lower mortgage rates, as experts expect. More »
U.S. talks with Fannie, Freddie turned sour: sources (Reuters)
Reuters - Amicable talks between Fannie Mae and Freddie Mac and the U.S. mortgage finance companies' regulator about an aid package ended abruptly as policy-makers resolved in recent days to seize the firms, industry sources with knowledge of the events said. More »
China frets at U.S. risk after Fannie/Freddie bailout (Reuters)
Reuters - The U.S. Treasury's takeover of Fannie Mae and Freddie Mac is good news in the short term for China, the biggest holder of the giant mortgage lenders' debt, but Beijing's huge U.S. exposure still poses a serious risk, a prominent government researcher said on Monday. More »
Asian banks rally on Fannie, Freddie bailout (Reuters)
Reuters - Shares in Asian banks soared on Monday after the U.S. government took over Fannie Mae and Freddie Mac , reassuring investors worried about exposure to the mortgage giants' bonds and the value of other risky debt assets. More »
US takes over Fannie, Freddie in bid to ease finance crisis (AFP)
AFP - The US government has taken over ailing mortgage giants Fannie Mae and Freddie Mac, placing them in a "conservatorship" in a bid to avert a financial system meltdown from the housing crisis. More »
GSE rescue could scare bears (Reuters)
Reuters - Bears have reigned supreme on Wall Street so far in September thanks to growing concern about economies worldwide, but their grip on stocks faces a big challenge after the U.S. government's weekend seizure of control of mortgage finance giants Fannie Mae and Freddie Mac. More »
Some Lawmakers Call for Hearings on Fannie, Freddie Takeover, Others Urge Overhaul of Mortgage Giants (CQPolitics.com)
CQPolitics.com - Democratic lawmakers vowed to closely scrutinize the unprecedented government takeover Sunday of Fannie Mae and Freddie Mac, while Republicans said it bolstered their calls for an overhaul of the mortgage giants. More »
US takeover of Fannie, Freddie will strengthen economy: Bush (AFP)
AFP - US President George W. Bush said Sunday that the US government takeover of ailing mortgage giants Fannie Mae and Freddie Mac would strengthen the US economy and help quiet roiling real estate and financial markets. More »
Aractec wins Saba JLT project
Arabtec has won the contract to build Saba Properties' Saba 4 tower in Jumeirah Lake Towers. The Dhs664m contract involves development of the main structure, which is expected to begin in the first quarter of 2009. Work on the project's infrastructure is already underway. The 222m-high tower has 51 floors dedicated for business spaces, a parking lot for business offices and a number of other facilities. More »
Nakheel posts threefold sales hike
Nakheel has announced its 2008 sales to date are showing a threefold increase on 2007's full-year figures. The developer has sold more than 6,100 units in Dubai. Unit sales in 2008 comprised 68% for apartments, 27% for villas, and 5% for land plot sales. Nakheel will release a further 2,650 units in 11 additional sales launches scheduled for the final quarter of 2008. More »
Three firms vie for Arabian Canal
Three companies have emerged as front runners to win the 1st phase of excavation work on the 80km Arabian Canal in Dubai, sources have told MEED. The three best placed companies are Australia's Mine Site Construction Services, Iran's Mobin, and local player Tristar Transport & Contracting. The deal is valued at $2.7bn. More »
Champions Tower IV launched
The Memon Group of Companies has launched the Dhs250m Champions Tower IV in Dubai Sports City. The 20-storey Champions Tower IV was designed by Eng. Adnan Saffarini Office, and will house 228 units comprising of 19 studios, 76 one-bedroom and 133 two-bedroom apartments. The project has an escrow account with the Commercial Bank of Dubai. More »
Costa Del Sol launches in Pearl Qatar
United Development Company has launched the sale of luxury seaview apartments at the 'Costa Del Sol', the second beachfront tower at Viva Bahriya in The Pearl-Qatar. The property is a 19-storey tower with studios, one, two and three-bedroom apartments, all of which have been designed with a beach or open sea view. More »
Obama, McCain call for changes in mortgage giants (AP)
AP - Democratic presidential nominee Barack Obama said Saturday that any government takeover of troubled mortgage giants Fannie Mae and Freddie Mac must put the interests of taxpayers and homeowners first. His opponent, GOP nominee John McCain, said it was essential to restructure the mortgage giants. More »
Treasury plan won't help Fannie, Freddie shareholders: Frank (Reuters)
Reuters - Fannie Mae and Freddie Mac shareholders, including preferred stockholders, will not fair well under a proposed U.S. Treasury takeover of the two housing finance companies, House Financial Services Committee Chairman Barney Frank told Reuters on Saturday. More »
Fannie, Freddie blind to the bubble (AP)
AP - Mortgage giants Fannie Mae and Freddie Mac — despite their robust cadre of economists and mortgage experts — failed to heed warnings that the most dramatic housing bubble in U.S. history would burst. More »
Obama, McCain Back Treasury Action to Rescue Freddie, Fannie (Bloomberg)
Bloomberg - Sept. 6 (Bloomberg) -- Presidential candidates Barack Obama and John McCain gave their support for federal action to rescue Freddie Mac and Fannie Mae while saying steps must be taken to ensure the mortgage giants don't keep passing losses off to taxpayers. More »
Obama Says Freddie, Fannie Too Large for U.S. to Let Them Fail (Bloomberg)
Bloomberg - Sept. 6 (Bloomberg) -- Democratic presidential candidate Barack Obama said a federal takeover of Freddie Mac and Fannie Mae is probably necessary, though steps must be taken to ensure the mortgage giants don't keep passing losses off to taxpayers. More »
Fannie, Freddie's boards meet Saturday to mull government plan (Reuters)
Reuters - The boards of mortgage finance companies Fannie Mae and Freddie Mac were set to meet on Saturday to discuss a government plan to place the companies under federal control, sources said. More »
Treasury to ensure stable Fannie, Freddie: Barney Frank (Reuters)
Reuters - U.S. House Financial Services Committee Chairman Barney Frank said on Saturday that the U.S. Treasury Department plans to ensure the stability of mortgage finance giants Fannie Mae and Freddie Mac . More »
Government may soon back troubled mortgage giants (AP)
AP - The government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the nation's mortgage debt, a person briefed on the matter said Friday night. More »
U.S. to take control of Fannie and Freddie: reports (Reuters)
Reuters - The U.S. government plans to put government sponsored mortgage finance companies Fannie Mae and Freddie Mac under federal control, the New York Times and Washington Post newspapers reported late Friday, in what could be the largest financial bailout in the nation's history. More »
US government to take over mortgage giants: reports (AFP)
AFP - The US government is planning to put under strict federal control troubled mortgage giants Fannie Mae and Freddie Mac, fire their top executives and use federal funds to bail them out, US media reported on their websites. More »
Treasury near GSE bailout plan: report (Reuters)
Reuters - The U.S. Treasury Department is close to finalizing a plan to buttress mortgage finance companies Fannie Mae and Freddie Mac , The Wall Street Journal reported on Friday. More »