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Fannie and Freddie Government Take Over |
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Sunday, 07 September 2008 |
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Treasury's Paulson says government to take over Fannie, Freddie
NEW YORK (MarketWatch) -- The U.S. Treasury Dept. said Sunday it is placing troubled mortgage giants Freddie Mac and Fannie Mae under conservatorship by the Federal Housing Finance Agency. Under the plan, the FHFA will assume the power of the board, and the two firms' cheif executives will resign after a transitional period. Treasury Secretary Henry Paulson said: "Based on what we have learned about these institutions over the last four weeks ... and given the condition of financial markets today, I concluded that it would not have been in the best interest of the taxpayers for Treasury to simply make an equity investment" rather than take over the firms outright. Read and Post Comments
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