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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (145910)	9/11/2008 11:46:32 PM
From: John Chen	Respond to of 306849

"Regulators Share Blame for the Financial Crisis". Share the pain and consequence, please. "share blame"? save it.

To: Les H who wrote (145910)	9/11/2008 11:50:55 PM
From: Les H	Read Replies (1) \| Respond to of 306849

US Treasury pleads with Japanese investors Seeking to head off any unloading of Fannie Mae and Freddie Mac bonds by Japanese investors, the U.S. Treasury Department is taking the unusual step of directly contacting Japanese financial institutions about the plan to rescue the mortgage giants, according to a published report. Because a massive unloading of Fannie Mae and Freddie Mac holdings could hamper the U.S. government's efforts to shore up the mortgage firms' finances, the Treasury Department is effectively asking investors to refrain from doing so, Japanese business daily Nikkei said on its Website in a report dated Friday. According to sources familiar with the matter, Treasury Undersecretary for International Affairs David McCormick on Thursday phoned senior executives at major Japanese banks as well as the Life Insurance Association of Japan to explain Washington's plans for Fannie Mae and Freddie Mac, the report said. McCormick is believed to have reiterated plans announced Sunday, including seizure of both mortgage giants and the government's intention to infuse funds if necessary. During the phone calls, he is also said to have urged Japanese institutions to continue investing with confidence in Fannie Mae and Freddie Mac. According to a Nikkei report earlier this week, Japanese financial institutions own more than 15 trillion yen ($142.5 billion) in securities issued by based on data disclosed by domestic banks, life insurers and others as of March 31. Many Japanese investment trusts also include securities in their portfolios. Read more The Treasury Department is expected to continue contacting other major Japanese banks and institutional investors, and the Life Insurance Association of Japan is expected to notify its members of the explanations provided by the U.S., Nikkei said. marketwatch.com