Enthusiastic buyers attended US leading finance agencies Freddie Mac's $3 billion debt sale on Monday. Buyers thronged the sale shortly after the U.S. government announcement that it would offer its support for the agencies.

However, according to a report by Reuters suggest that the decision by the US Government to intervene has not stopped the growing fears on Wall Street.

Additionally, European and Asian stock markets rallied after the Treasury Department and Federal Reserve stepped in on Sunday with offers of richer credit lines, equity purchases and direct access to central bank coffers should Freddie and its sister agency Fannie Mae run into deeper financial trouble.

At the same time reports show that U.S. stocks quickly shed initial gains as investor confidence continued to be on the low.

Billionaire investor George Soros spoke to Reuters in a telephone interview: "This incident (with Fannie and Freddie) is not the last one." He said the year-long global financial market turmoil represented "the most serious financial crisis of our lifetime."

According to reports, half of US homes are jointly financed by Fannie and Freddie which means their current financial predicament could signal worse times to come for  the housing market and the general economy.