Mortgage Crisis

US bailout of mortgage giants sets stage for wider financial crisis

By Barry Grey, 12 September 2008

Since the Bush administration announced on Sunday the US government takeover of mortgage finance giants Fannie Mae and Freddie Mac, in the largest corporate bailout in American history, developments have underscored the profound and systemic nature of the crisis that precipitated the action.

WSWS interviews director of homeless shelter in LA

10 September 2008

The World Socialist Web Site interviewed Dwight Smith, director of Isaiah House, an emergency shelter in Santa Ana, California, about the rise in the number of homeless people, especially among the working poor.

Record corporate bailout reveals the bankruptcy of American capitalism

By Barry Grey, 10 September 2008

The US government takeover of the mortgage finance giants Fannie Mae and Freddie Mac has dealt a shattering blow to the ideology of market capitalism, which has been used for decades to justify a relentless assault on the working class and a vast transfer of wealth to the American ruling elite.

US government takes over mortgage giants to stave off financial meltdown

By Bill Van Auken, 8 September 2008

In the biggest government intervention in the American economy since the Great Depression of the 1930s, the US Treasury Department announced Sunday that it is effectively nationalizing the two mortgage giants Fannie Mae and Freddie Mac.