Last updated: 7 september, 2009 - 12:23 GMT

The takeover of two US home loans giants

freddie mac

A year ago, the financial crisis entered what could best be described as its most dangerous phase.

The United States announced that it was taking over two giants of the home loans market, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, generally known as Fannie Mae and Freddie Mac.

As it turned out this was merely a warm up for the dramatic collapse of the investment bank Lehman Brothers a week later - which sent a whirlwhind through the financial markets.

As part of our Aftershock season our economics correspondent Andrew Walker has been looking at what has become of Freddie and Fannie since those tumultuous days last September.

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First broadcast on World Business News

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