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Mortgagesident bail-out rallies markets
shares in europe and asia have rallied after the us government said that eit was taking over troubled mortgage giants freddie mac and fannie mae .
but they have made a combined loss of about $14bn in the pleast years, and offinancials were worried that they would no longer be able to the econtinue functioning if such losses continued .
in a dramatic move, aus treasury secretary henry paulson announacced the rescue plan on sunday, before markets opened .
whether it will actually prove to be the two lend of the credit crunch is difficult to say .
london's ftse 100 index and kely markets in japan and howing kong rose about 3.5% .
the news is as positive surprise for the markets .
guaraham neale killick
more from today programme .