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No.259 SIM音読用英文

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White House Backs Bailout of Mortgage Giants
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Fannie Mae and Freddie Mac are entities

created by Congress

to finance and guarantee home loans in the United States.


While they are government-licensed,

they operate like private companies

with shareholders and corporate boards.


The two mortgage giants have been severely weakened

by the current turmoil in the U.S. housing market,

which has seen a dramatic rise in foreclosures,

and falling home values across the country.


Should they fail,

the impact on the U.S. and world economy could be severe.


And so the government stepped in -

bailing them out

and taking over their operations.


White House spokeswoman Dana Perino

says the Bush administration had no choice.


"And this is not action

that we wanted to take.


It's action

that we needed to take."


Perino says the White House has been warning for years

that Fannie Mae and Freddie Mac were in need of reform.


She says the federal takeover could have been prevented

if Congress had acted on the administration's request

for a strong independent regulator

to oversee the mortgage giants.


"Remember that we have highlighted the systemic risk

posed by Fannie Mae and Freddie Mac

because of the very large role they play

in housing markets

and because of their business practices.

And for years we have encouraged Congress

to put in place a strong, independent regulator

to oversee the institutions."


Perino says it will be up to the next U.S. president and Congress

to decide the ultimate fate of the two institutions.


She says for now, the goal must be to help

the housing market and the economy recover.


Perino says President Bush,

who does not favor corporate bail-outs as a rule,

approved this takeover reluctantly

as a last resort.


U.S., Asian and European stock markets soared

in response to the news.


China and Japan, the biggest buyers of Freddie Mac and Fannie Mae debt,

praised the takeover.


But European Central Bank President Jean-Claude Trichet

offered a word of caution.


He said while the move is welcome,

risks remain in the global credit market.


Paula Wolfson, VOA News, the White House
by danueno | 2008-09-17 13:48 | SIM音読用英文


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