Freddie, Fannie Failure Could Be World `Catastrophe,’ Yu Says

Aug. 22 (Bloomberg) — A failure of U.S. mortgage finance companies Fannie Mae and Freddie Mac could be a catastrophe for the global financial system, said Yu Yongding, a former adviser to China’s central bank.“If the U.S. government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be [...] continue reading world news