Dollar rallies on U.S. mortgage finance rescue plan

The dollar rallied from a near-record low against the euro on Monday after the United States announced an emergency plan to restore investor confidence in mortgage finance companies Fannie Mae and Freddie Mac.

The Treasury boosted its direct credit lines to the government-sponsored enterprises and said it would buy their shares if necessary, while the Federal Reserve made its direct lending window to financial firms available to them.

The plan helped calm market concerns about the health of the U.S. financial and housing sectors, as the two companies fund half of all U.S. mortgages. Analysts urged caution, noting its potential expense.

Read Full Article from guardian.co.uk

- Posted: 2008-07-14 10:24:23

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