Fannie And Freddie Downgraded

Standard & Poor's today downgraded the debt of Fannie Mae, Freddie Mac and 10 of 12 Federal Home Loan Banks that were propped up by the federal government after the financial crisis of 2008. S&P reduced their ratings one notch, to AA+ from AAA, its very highest rating. The agencies guarantee or own more than half of the $5 trillion in U.S. mortgage debt. President Obama, who had been silent since S&P announced Friday evening it was downgrading the U.S. government's debt, belittled the...Full Story