Foreign governments fled US agency bonds
Foreign governments, whose purchases of Freddie Mac and Fannie Mae agency bonds had helped to sustain the house price bubble in the US, began flee over the summer from the agency bonds to the US Treasury bonds guaranteed by the US government.
Immediately related elementsHow this works
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The Global Financial Crisis »The Global Financial Crisis
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Immediate triggers of the financial crisis? »Immediate triggers of the financial crisis?
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Foreign governments fled US agency bonds
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Undermined viability of US mortage market »Undermined viability of US mortage market
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Pathology in the Credit Default Swaps market »Pathology in the Credit Default Swaps market
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