WASHINGTON — The combined debt of the GSEs now exceeds the total debt of the United States, the Federal Housing Finance Agency said in its 2008 Performance and Accountability Report.

As of June, the GSEs' combined debt and obligations totaled $6.6 trillion-exceeding the publicly held debt of the United States by $1.3 trillion.

The GSEs also purchased or guaranteed nearly 87% of new mortgages for the quarter ending June 30.

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