Over the weekend, the long suspected federal takeover of US mortgage giants Fannie Mae and Freddie Mac took place, giving many investors a feeling of relief, according to The New York Times. The move also bolsters the US' financial-health image abroad.
The Treasury said it would transfer control of Fannie and Freddie to a conservatorship. Futures contracts on the Dow Jones industrial average rose 2.2%, with investors concluding that the decision strengthened the prospects for American businesses and the American economy.
The takeover will likely translate into lower mortgage costs and more availability of credit, CNN.com noted.
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