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Friday, September 28, 2007

Freddie CEO Says 40%-45% Chance of Recession

September 28 2007
The chief executive of Freddie Mac warned that the U.S. economy faces a 40 percent to 45 percent risk of recession induced by the housing market downturn, the Financial Times reported on its Web site. Richard Syron said the credit squeeze had left some parts of the U.S. housing market "literally frozen," the article said. Syron forecast the Federal Reserve would make another "material" cut in interest rates, the report said. According to the report, Syron also predicted that Congress would lift restraints on the operations of Freddie Mac and its sister mortgage company, Fannie Mae. Syron said the $417,000 ceiling on the size of home loans they can buy was likely to be raised to help support the U.S. mortgage market, the article said.


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