Why feds are seizing two lenders
Economy: Fannie Mae, Freddie Mac taken over
WASHINGTON — President Bush said Sunday that the historic federal government takeover of mortgage giants Fannie Mae and Freddie Mac is needed to keep them from failing, a risk he called "unacceptable” for an economy battered by housing and credit crises.
The Bush administration announced Sunday it was taking control of the two institutions to avert the potential for major financial turmoil.
The move w...
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