Move on US mortgage giants sends FTSE soaring

The dramatic nationalisation of mortgage giants Fannie Mae and Freddie Mac by the US Government today sent London’s leading shares soaring almost 4%.

Move on US mortgage giants sends FTSE soaring
Mon, 08 Sep, 2008 - 09:42

The dramatic nationalisation of mortgage giants Fannie Mae and Freddie Mac by the US Government today sent London’s leading shares soaring almost 4%.

Yesterday’s intervention helped soothe market fears over the fate of the duo, which own or guarantee more than $5tn (€3,479bn) worth of mortgages between them.

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