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Volume of Russia’s investments in U.S. mortgage banks shrinks to $30bln

Problematic Investments 

The volume of investments in the bonds of battered U.S. mortgage corporations Fannie Mae, Freddie Mac and FHLB has decreased to less than $30bln, Sergei Stepashin, chairman of the Audit Chamber, told the State Duma’s Budget and Taxation Committee in September at the height of equity crisis in the United States. “According to the Finance Ministry, the volume of Russian investments into those institutions has gone considerably.” The sum of Russia’s investment in the three companies in 2007 was $100bln, according to the Russian Central Bank.