HBox
09-05-2008, 05:44 PM
Reports: Fannie Mae, Freddie Mac takeover set (http://www.msnbc.msn.com/id/26567533/)
The federal government has prepared a plan to take control of troubled mortgage giants Fannie Mae and Freddie Mac, several newspapers reported Friday night.
The Washington Post reported on its Web site that government officials had told the two companies that their top executives would be dismissed and government funds used to prop them up. The New York Times said the company boards also would be replaced.
The Times described the plan as effectively a government bailout that could cost taxpayers tens of billions of dollars and would be among the largest rescues in U.S. history.
The fundamentals of the economy are strong, of course.
The federal government has prepared a plan to take control of troubled mortgage giants Fannie Mae and Freddie Mac, several newspapers reported Friday night.
The Washington Post reported on its Web site that government officials had told the two companies that their top executives would be dismissed and government funds used to prop them up. The New York Times said the company boards also would be replaced.
The Times described the plan as effectively a government bailout that could cost taxpayers tens of billions of dollars and would be among the largest rescues in U.S. history.
The fundamentals of the economy are strong, of course.