Russia cuts exposure to US mortgage lenders

MOSCOW, July 28 (Reuters) – Russia has approximately halved to less than $50 billion its exposure to U.S. mortgage lenders Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz), a senior central bank official told Reuters on Monday. “It’s now less than $50 billion,” central bank first deputy chairman Alexei Ulyukayev said, when asked about Russia’s investments in the agencies.

Russia held about $100 billion at the start of 2008. (Reporting by Yelena Fabrichnaya, writing by Robin Paxton)

Mon Jul 28, 2008

Source: Reuters

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