Its A land Grab.

Fannie Mae and Freddie Mac taken over by the US Government.

The two companies combined accounts total more than $4 trillion.
They hold the mortgages of HALF the homes in the USA.

And they collapsed.

No damaging boardroom battles here, though.
Nationalisation, and by a right wing American Government at that.

The US Treasury said, "Fannie Mae and Freddie Mac are so large and interwoven in our financial system that a failure of either of them would cause turmoil in financial markets, here and around the globe."

Halifax, the Uk's largest mortgage lender, has major financial dealings with both companies.

Both the US and UK economies are teetering on the brink.
Credit crunch.
Recession.
Downturn in the economy.
BLAH BLAH.

The rich get richer !

The US Government ARE the rich.
Governing FOR the rich.
They own the commanding heights of the economy
and now 50% of American homes.