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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: CalculatedRisk who wrote (1657)	3/10/2004 10:54:49 AM
From: mishedlo	Read Replies (1) of 116555

Snow: U.S. doesn't back Fannie Mae Treasury Secretary says government-sponsored firms, like Fannie, Freddie, are not too big to fail. March 9, 2004: 2:21 PM EST WASHINGTON (Reuters) - U.S. Treasury Secretary John Snow took direct aim Tuesday at mortgage finance firms Fannie Mae and Freddie Mac, repeating previous warnings to investors that government-sponsored enterprises are not financially backed by the U.S. government. "We don't believe in a 'too big to fail' doctrine, but the reality is that the market treats the paper as if the government is backing it. We strongly resist that notion," he said in prepared remarks before a bankers group here. money.cnn.com

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