Sunday 20, July 2008 by Mike Gallagher
GCC banks hit by the Fannie and Freddie crisis
Western economies, which caught a cold after the US sneezed and then staggered after a few large US banks like Bear Stearns and Merrill Lynch were thumped by subprime, are again under assault as the Federal National Mortgage Association, known as Fannie Mae and the Federal Home Loan Mortgage Corporation, better known as Freddy Mac, appear to be close to insolvency.
