This day in history September 7, 2019
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Started by metmike - Sept. 7, 2019, 1:12 p.m.

Read and learn about history and pick out a great one

2008 – The United States government takes control of the two largest mortgage financing companies in the US, Fannie Mae and Freddie Mac.

2012 – Canada officially cuts diplomatic ties with Iran by closing its embassy in Tehran and orders the expulsion of Iranian diplomats from Ottawa, over nuclear plans and purported human rights abuses.

By metmike - Sept. 7, 2019, 1:13 p.m.
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The federal takeover of Fannie Mae and Freddie Mac was the placing into conservatorship of the government-sponsored enterprises  (GSEs) Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) by the U.S. Treasury in September 2008. It was one of the financial events among many in the ongoing subprime mortgage crisis.

With a growing sense of crisis in U.S. financial markets, the conservatorship action and commitment by the U.S. government to backstop the two GSEs with up to US$200 billion in additional capital turned out to be the first significant event in a tumultuous month among U.S.-based investment banking, financial institutions and federal regulatory bodies.[according to whom?] By September 15, 2008, the 158-year-old Lehman Brothers holding company filed for bankruptcy with intent to liquidate its assets, leaving its financially sound subsidiaries operational and outside of the bankruptcy filing.