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Fannie and Freddie seek Financial Assistance

Increasing losses have led the mortgage giants Fannie Mae and Freddie Mac to seek financial assistance from the Federal Government. They are soon expected to approach the government with a demand of at least $45 billion so that they can continue to operate normally.

While Freddie Mac needs $35 billion, Fannie Mae would require no less than $10 billion in order to come out of the mess.

The present situation has arisen because of the rising delinquencies and falling bond values, which are byproducts of the current economic scenario.

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