Sept 8 (Reuters) - The U.S. government on Sunday seized
control of mortgage-finance companies Fannie Mae (FNM.N) and
Freddie Mac (FRE.N), launching what could be its biggest
bailout ever in a bid to support the U.S. housing market and
ward off more global financial market turbulence.
The action, prompted by worries over the companies'
shrinking capital, was the latest in a series of emergency
steps taken by U.S. authorities to quell what is now a
year-long credit market crisis that has helped push many
economies toward recession.
Following are some U.S. companies with considerable
exposure to preferred stock issued by Freddie Mac and Fannie
Mae as of June 30. Company name Exposure as
a percentage Fannie/Freddie
of tangible equity
preferred market value ($ million) Midwest Banc Holdings Inc
(MBHI.O) 31.7
62.0 Cascade Financial Corp (CASB.O) 16.1
16.2 Sovereign Bancorp Inc SOV.N 13.9
622.6 Flushing Financial Corp (FFIC.O) 11.6
25.6 Valley National Bancorp (VLY.N) 10.0
75.8 Columbia Banking System Inc (COLB.O) 8.4
20.2 Astoria Financial Corp (AF.N) 7.7
79.6 M&T Bank Corp (MTB.N) 3.9
120.0 JPMorgan Chase & Co (JPM.N) * 0.7
600.0
* As of Aug. 25 filing
(Compiled by Anurag Kotoky and Amiteshwar Singh in Bangalore)
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