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lennart
28-07-03, 15:53
ECB Recommends Central Banks Sell U.S. Agency Debt, Person Says
July 28 (Bloomberg) -- The European Central Bank is eliminating its holdings of debt issued by Freddie Mac and Fannie Mae, the two biggest U.S. providers of mortgage financing, and recommended that its national central banks do the same, according to a person who has seen the ECB's recommendation.

The Frankfurt-based central bank, which sets interest rates for the 12 countries sharing the euro, gave its opinion at the last meeting of the 18-member governing council on July 10, said the person who declined to be named. ECB spokeswoman Regina Schueller declined to comment. Officials of the 12 central banks declined to comment.

Freddie Mac is under investigation by the U.S. Securities and Exchange Commission and federal prosecutors after overstating earnings, leading to the ouster of its top three managers. The difference between yields on Freddie Mac notes and comparable U.S. government debt has increased this year as investors perceive Freddie Mac debt to be more risky.

``Some investors will ask themselves: Is this really as safe as I thought it was? And some will say: This is too risky for me,'' said Louis Hagen, general manager of the Association of German Mortgage Banks in Berlin.

McLean, Virginia-based Freddie Mac said last month it understated profits by as much as $4.5 billion during the past three years as it made errors in applying generally accepted accounting principles in valuing derivatives contracts. Derivatives are financial obligations tied to the value of debt and equity securities, commodities and currencies.

The ECB based its recommendation to the national central banks on credit risk, the person who declined to be identified said.

Freddie, Fannie Decline to Comment

Freddie Mac spokeswoman Heather Sieber declined to comment.

``We do not comment about specific investors,'' Fannie Mae spokesman Jason Lobo said. ``Our investors are broadly distributed around the world and those investors include central banks.

Fannie Mae and Freddie Mac own or guarantee about 42 percent of the $7 trillion U.S. mortgage market. Fannie Mae's mortgage portfolio is worth about $816 billion, while Freddie Mac controls about $573 billion of mortgages.

The two companies, regulated by the Office of Federal Housing Enterprise Oversight, are known as government-sponsored enterprises. While the U.S. government doesn't guarantee any of their obligations, both Fannie Mae and Freddie Mac have Aaa ratings from Moody's Investors Service and Standard & Poor's.
http://quote.bloomberg.com/apps/news?pid=10000006&sid=aC.i6ebZSE6M&refer=home

Is ook gerelateerd aan : http://www.economist.com/finance/displayStory.cfm?story_id=1920907

Verder staat er een correctie op de aandelenmarkt voor de deur.

Grietje
28-07-03, 16:04
Zou je dit ook in gewone mensen taal kunnen transcriberen? Wat voor gevolgen heeft dit?

lennart
28-07-03, 16:14
Als de ECB zegt dat wij in Europa het beste Amerikaanse schulden kunnen verkopen, dan verwacht de ECB dat er veel Amerikaanse schulden niet terugbetaald zullen worden. Uiteindelijk betekent deze ontwikkeling dat de Euro zal stijgen ten opzichte van de dollar, immers men zal de opbrengsten van het verkoop van de schulden in euros willen hebben. Ten tweede stelt het artikel dat er problemen zijn bij het bedrijf Freddy Mac, wat inhoudt dat er problemen zijn op de Amerikaanse huizenmarkt, momenteel de motor van de Amerikaanse economie. Als die stilvalt belandt de VS weer in recessie. Ten derde een toevoeging van mijzelf dat er ook een correctie op de beurs te wachten staat, de na-oorlogse rally is ten einde en de gestegen aandelen zullen flink gaan vallen.

Bovendien stijgen de lange termijn rentes ook nog eens flink, dat betekend dat speculanten verwachten dat in 2004 de rente flink verhoogd zal worden.
http://www.reuters.com/financeNewsArticle.jhtml;jsessionid=PF3XZ4I51R412C RBAEKSFFA?type=businessNews&storyID=3171203