Date:08/09/2008 URL: http://www.thehindu.com/2008/09/08/stories/2008090856541400.htm

International

Nothing to bank on

— Photo: AFP

Out of currency: A Silver State Bank branch in Las Vegas, Nevada, on Sunday. Regulators on Friday closed the Silver State Bank as part of the ongoing credit crisis. The Nevada State Bank acquired the insured deposits of the Silver State Bank, which became the 11th failure of a federally insured bank this year. Also on Sunday, the U.S. government took control of mortgage giants Fannie Mae and Freddie Mac, placing them in a government “conservatorship” to help avert a financial system meltdown from the housing crisis.