China bought around $600bn of the agency bonds issued
Freddie Mac and Fannie Mae own or guarantee almost half of all American mortgages, which were financed via $5 trillion in "agency" bonds—of which $1 trillion were taken up by foreign governments, with China taking around $600bn.
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The Global Financial Crisis »The Global Financial Crisis
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Long-term causes of the financial crisis? »Long-term causes of the financial crisis?
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Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choices
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Investment banks incentivised to move into riskier activities »Investment banks incentivised to move into riskier activities
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Originating and distributing complex derivative securities »Originating and distributing complex derivative securities
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Asian investment in Fannie Mae and Freddie Mac »Asian investment in Fannie Mae and Freddie Mac
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China bought around $600bn of the agency bonds issued
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70% of China's foreign assets in form of loans to US »70% of China's foreign assets in form of loans to US
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