When Hank Paulson announced the initial version of the Fannie Mae and Freddie Mac rescue in July – seeking authority to support them financially if necessary – the market called his bluff.
Funding costs for the mortgage financiers remained high, elevated interest rates on the loans they guarantee did not budge, investors particularly abroad continued to shun their paper, and their stock prices not only failed to revive but went into a tailspin.
Mr Paulson is hoping that this time will be different. By taking decisive action and committing actual government funds, rather than offer a contingent backstop to be triggered in ill-defined circumstances, he hopes to win market backing.
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