The government is using a belt and braces to hold up the show – and, most important, to get US mortgage rates down. It will recapitalise the government-sponsored enterprises by gradually buying preferred stock – a plan that will also massively dilute all existing shareholders. It will lend the GSEs what they need to continue, while slowly winding down their operations. And it will buy their mortgage-backed securities directly itself. All this is bullish for credit markets. As for the future structure of the US mortgage market – that is a problem for the next guy.
美國政府正在「腰帶和揹帶」的雙保險手段來維持局面，最重要的是壓低美國房貸利率。它將通過逐步購買優先股，調整政府支持企業(GSE)的資本結構，這一計劃也將大幅稀釋所有現有股東的權益。美國政府將借給政府支持企業必要資金，讓它們得以維持，同時緩慢停止它們的業務。它也將直接購買企業的按揭擔保證券。所有這些都是信貸市場的利好訊息。至於美國按揭市場的未來結構，那是下一屆政府要操心的事了。