Finansy28-07-2008 The U.S. Senate approved on Saturday a package of measures to support the housing market and companies Fannie Mae and Freddie Mac, the situation around which has recently become one of the factors destabilizing the U.S. financial markets. Legislative measures should increase the volume of mortgages redeemed from market Fannie Mae and Freddie Mac, as well as reduce the pressure on homeowners who experience problems in servicing loans, according to Interfax. Package includes, inter alia, tax breaks for homeowners (in the form of the possibility of obtaining a tax credit when you make a mortgage), mortgage loan refinancing program at $ 300 billion, the Finance Ministry gives the right to grant loans to Fannie Mae and Freddie Mac or buy their shares. Simultaneously, the state will strengthen supervision of mortgage companies. Package, which will now be sent for signature to President George W. Bush, was adopted by the lower house of parliament in the American environment. The White House, despite some objections, declared its readiness to sign the law. Despite the adoption of the package, the rating agency S & P suddenly warned of the possibility of reducing the ranking of preferred shares and subordinated bonds of Fannie and Fraddie, which are currently rated 'AA minus', and the amount of these liabilities is less than $ 20 billion. The agency's concerns was the fact that the new legislation enacted by Congress, would allow the state to buy shares in companies and establishes at least some priority of debt repayment. Number of homes seized from their owners because of arrears has increased over the last quarter by 14% compared to the same period last year increased by 1.2 times. Fannie and Freddie are owners or guarantors of debt obligations secured by mortgages totaling $ 5.2 trillion. About a fifth of all bonds issued by Freddie Mac, Fannie Mae and other parastatals U.S. mortgage companies owned by foreigners.
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