The importance of Fannie Mae and Freddie Mac not only to the U.S. mortgage market but to the worldwide economy was demonstrated last week when the U.S. Treasury Department put the two GSEs under conservatorship.

As FTN Financial analysts aptly put it, "If anyone was under the impression that the financial marketplace is not truly globally integrated, the actions by the U.S. Treasury Department to put Fannie Mae and Freddie Mac into conservatorship has shattered that impression."

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