U.S. "two-room" in the end the depth of the crisis »

We think that a year ago when the outbreak of the U.S. secondary mortgage crisis has gradually get relief, the two major U.S. mortgage finance institutions - the Federal National Mortgage Association (Fannie Mae) and the United States Federal residential mortgage loans (the And the United States) but the outbreak of the debt crisis. The results not only decline in U.S. stocks, European stocks also went down violence, including the A-share stock market in Asia, also not spared. Into the global market and a new round of unrest, or even call this a "crisis of the loan-to-the fourth wave."

Bernanke: U.S. economy has significant downside risk

When the two major mortgage institutions in trouble after the U.S. Federal Reserve Chairman Ben Bernanke to the U.S. economic outlook pessimistic forecast, thoroughly break the loan-to-people crisis has gradually subsided forecast.

"Economic growth prospects for significant downside risk" and "facing the prospect of rising inflation increased risk", which is on the 15th Federal Reserve Chairman Ben Bernanke to the U.S. Senate Banking Committee the U.S. economy at the present situation of the latest judgement.

National Securities analyst Chen Wei said that the premises of the United States and Fannie Mae own or guarantee of 5.2 trillion U.S. dollars of mortgage loans, the U.S. mortgage market size nearly half of its fair value measure has been falling into the technical state of bankruptcy, the credit crisis that has been The proliferation of sub-loans from the overall rating to a higher loan. The loan-to-crisis has come to focus on the risk of exposure, can also be said of the loan-to-resolve the crisis in the most crucial moment. If not resolved, as many as 300 U.S. banks have closed down the danger, and even the famous endangered Lehman Brothers also transferred, in the past accumulation of the loan-to-risk of the outbreak of the total, direct exacerbate the precarious plight of the U.S. property market, the United States as a whole Economic growth and the stability of global financial markets have disastrous consequences.

Therefore, the U.S. Government is unlikely to laissez-faire premises of the United States and Fannie closure of the two institutions, through various means to save. If the Fed said in a statement on the 13th, if necessary, the Fed will be two non-bank financial institutions, opening up "discount" window, that is treated as commercial banks, the discount rate by 2.25 percent to provide direct loans to Solve the problem of financing difficulties. These loans secured by the U.S. government; U.S. Treasury Secretary Paulson said that if necessary, the Ministry of Finance may purchase the shares of the two institutions; U.S. Securities and Exchange Commission (SEC) on Tuesday, Washington time issue emergency orders, the main large financial companies "Naked short selling" conduct restrictions. New emergency measures will apply to include Fannie Mae, the premises of the United States, 19 financial institutions. July 16, on the 17th day, the two companies shares rose more than 60 percent.

While many rescue programme, but because of the multi-stakeholder process to solve the game, it is estimated that a strong policy introduced to short-term, such as the injection of the Ministry of Finance on the need congressional approval, but also to some famous people this will damage the interests of American taxpayers to Opposing views.

Paulson: confident that Congress will approve the rescue plan next week

July 16, U.S. Treasury Secretary Henry Paulson on his attempt to rescue Fannie and premises of the United States their support and said he was confident that Congress will approve the plan next week.

Paulson said: "I will soon be on this project through to be optimistic."

Paulson on July 13 asked Congress to approve a three-part composition of the contents of the plan, the Ministry of Finance to allow Fannie and improve the premises of the U.S. line of credit, if necessary, the two companies to buy the stock and allow the Fed to play Monitor their capital requirements of the "advisory role" to enable these two markets resume the concessionaire's confidence. Fannie and premises owned or security of the United States and more than half of U.S. mortgages.

Overall, although the crisis reflected by the grim situation, but taking into account the U.S. government has recently taken a series of measures to stimulate economic growth, the International Monetary Fund believes that the crisis is unlikely to overall deterioration. Some analysts have pointed out that if the U.S. government followed the proper measure, the U.S. economy through a difficult period this year, next year will be the turn for the better, while the U.S. financial markets will also slow recovery.