VOA标准英语2008年-US Government Takes Over Two Major Financial Fi

Amid a continuing housing crisis in the United States, the Bush administration is taking over two failing mortgage firms in an effort to limit further turmoil¹ in the sector². From Washington, VOA's Michael Bowman reports.

The last year has seen a spike³ in foreclosures among U.S. homeowners, falling housing values in most parts of the country, and tighter credit that has made it more difficult for Americans to acquire loans.

In recent months, the picture has grown worse with news that two mortgage giants, Fannie Mae and Freddie Mac, were on the verge⁴ of insolvency⁵. Combined, the two firms own or guarantee close to half of all home loans in the United States.
　
Treasury⁶ Secretary Henry Paulson, Jr. speaks during a news conference on the bailout of mortgage giants Fannie Mae and Freddie Mac in Washington, 07 Sep 2008

In a news conference Sunday, Treasury Secretary Henry Paulson announced that the federal government is taking control of the firms - a move he described as necessary to avoid further financial upheaval⁷.

"Fannie Mae and Freddie Mac are so large and so interwoven in our financial system, that a failure of either of them would cause great turmoil in the financial markets here at home and around the globe. This turmoil would directly and negatively impact household wealth, from family budgets to home values, to savings⁸ for college and retirement," he said. "And a failure would be harmful to economic growth and job creation."

The Bush administration says Fannie Mae and Freddie Mac are being placed in a government conservatorship with new executive leadership. They will be operated by a government agency until their financial pictures improve and they are no longer at risk of failing.

Paulson says every effort will be made to spare taxpayers⁹ from having to assume massive financial burdens stemming from the takeover.

Most Americans secure home mortgages through private banks. For decades, Fannie Mae and Freddie Mac have made it more attractive to banks to make mortgage loans by purchasing the loans from the banks, and then selling them to private investors¹⁰.

But recent years have seen mortgage loans made to millions of individuals with poor, risky¹¹, or insufficient¹² credit - many of whom have either defaulted on the loans or are at risk of doing so. Fannie Mae's and Freddie Mac's exposure to massive financial losses stemming from the housing crisis has put them on the verge of insolvency.

News of the government takeover prompted swift reaction from both presidential candidates. Speaking on CBS' Face the Nation program, Republican presidential nominee¹³ John McCain said the move "has to be done."

"I think that we have got to keep people in their homes. There has got to be restructuring, there has got to be reorganization, and there has got to be some confidence that we have stopped this downward spiral. It is hard, it is tough," said McCain.

McCain added that the woes¹⁴ of Fannie Mae and Freddie Mac are symptomatic of an overall failure of Washington to tackle important issues. He said the federal government has become less effective due to what he termed cronyism¹⁵ and the influence of special interests and lobbyists.

His Democratic challenger, Barack Obama, also expressed support for the government takeover. But an Obama ally, Virginia Democratic Governor Tim Kaine, said blame for the financial upheaval lies with President Bush.

"It is an important step that they [the Bush administration] have taken, but they are way too late. During the Bush administration there has been a complete abdication¹⁶ of responsibility for regulating the nation's financial markets, and so it has come to this," said Kaine.

Fannie Mae and Freddie Mac have seen their stocks plummet¹⁷ in value in recent months. The federal takeover includes some government purchasing of the firms' stock and an infusion¹⁸ of funds to assure the firms' continued operation.

Fannie Mae and Freddie Mac are government-sponsored enterprises, which are among several financial service corporations created by the United States Congress.

 

1 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

2 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

3 spike   

n.长钉，钉鞋；v.以大钉钉牢，使...失效

参考例句：

• The spike pierced the receipts and held them in order.那个钉子穿过那些收据并使之按顺序排列。
• They'll do anything to spike the guns of the opposition.他们会使出各种手段来挫败对手。

4 verge   

n.边，边缘；v.接近，濒临

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• She was on the verge of bursting into tears.她快要哭出来了。

5 insolvency   

n.无力偿付，破产

参考例句：

• The company is on the verge of insolvency.该公司快要破产了。
• Normal insolvency procedures should not be applied to banks.通常的破产程序不应当适用于银行。

6 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

7 upheaval   

n.胀起，(地壳)的隆起；剧变，动乱

参考例句：

• It was faced with the greatest social upheaval since World War Ⅱ.它面临第二次世界大战以来最大的社会动乱。
• The country has been thrown into an upheaval.这个国家已经陷入动乱之中。

8 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

9 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

10 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

11 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

12 insufficient   

adj.(for，of)不足的，不够的

参考例句：

• There was insufficient evidence to convict him.没有足够证据给他定罪。
• In their day scientific knowledge was insufficient to settle the matter.在他们的时代，科学知识还不能足以解决这些问题。

13 nominee   

n.被提名者；被任命者；被推荐者

参考例句：

• His nominee for vice president was elected only after a second ballot.他提名的副总统在两轮投票后才当选。
• Mr.Francisco is standing as the official nominee for the post of District Secretary.弗朗西斯科先生是行政书记职位的正式提名人。

14 woes   

困境( woe的名词复数 )； 悲伤； 我好苦哇； 某人就要倒霉

参考例句：

• Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
• She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。

15 cronyism   

n.任人唯亲，对好朋友的偏袒

参考例句：

• Many small town mayor and city official practice cronyism.许多小镇的市长和大城市的官员都有任人唯亲的行为。
• Bringing business people into politics can also produce corruption and cronyism.商人从政也容易带来腐败和任人唯亲。

16 abdication   

n.辞职；退位

参考例句：

• The officers took over and forced his abdication in 1947.1947年军官们接管了政权并迫使他退了位。
• Abdication is precluded by the lack of a possible successor.因为没有可能的继承人，让位无法实现。

17 plummet   

vi.(价格、水平等)骤然下跌；n.铅坠；重压物

参考例句：

• Mengniu and Yili have seen their shares plummet since the incident broke.自事件发生以来，蒙牛和伊利的股票大幅下跌。
• Even if rice prices were to plummet,other brakes on poverty alleviation remain.就算大米价格下跌，其它阻止导致贫困的因素仍然存在。

18 infusion   

n.灌输

参考例句：

• Old families need an infusion of new blood from time to time.古老的家族需要不时地注入新鲜血液。
• Careful observation of the infusion site is necessary.必须仔细观察输液部位。