Alexei Ulyukayev said the holdings were "less than $50 billion now."
Russia's Central Bank invests its international reserves in premium foreign securities. According to the Central Bank's 2007 report, the bonds of U.S. mortgage loan agencies Federal Home Loan Bank, Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) accounted for 37% of its foreign securities portfolio.
Fannie Mae and Freddie Mac, which account for around half of U.S. home loans totaling $5.2 trillion, have seen their share prices plunge in recent days amid investor fears of new losses from falling house prices.
The U.S. Treasury and Federal Reserve unveiled on July 13 a plan to temporarily increase lending to the two companies and, if necessary, buy equity in either of the companies to ensure "they have sufficient capital to continue to serve their mission."
Ulyukayev earlier said the Central Bank's investments in the bonds of U.S. mortgage loan agencies were not loss-generating, despite the U.S. mortgage crisis, because they were backed by U.S. government guarantees.
