Wall St. okays mortgage rescue

September 08, 2008

Wall Street joined a global equity rally on hopes the Treasury's rescue of Fannie Mae and Freddie Mac would soften the economic blow of the housing turmoil. The government's move was interpreted as a major event since Fannie Mae and Freddie Mac own or guarantee almost half of the U.S. $12 trillion mortgage market. SPEAKER: Hugh Johnson, chief investment strategist, Johnson Illington Advisors Conway Gittens reports from New York