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Government Expected to Take Over Fannie Mae, Freddie Mac
By
Jen Chung
Published Sep 6, 2008
Modified Sep 6, 2008
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By
Jen Chung
Published Sep 6, 2008
Modified Sep 6, 2008
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Sources say that the federal government may take over mortgage companies Fannie Mae and Freddie Mac as soon as this weekend. The Wall Street Journal says this "would represent perhaps the most significant intervention by the government in the financial industry since the housing bust touched off turmoil in the credit markets a little more than a year ago." The NY Times adds the move, which includes the feds standing behind Freddie's and Fannie's debt, "could cost taxpayers tens of billions of dollars and make any rescue among the largest in the nation’s history." Earlier this year, the feds bailed out Bear Stearns by orchestrating its sale to JP Morgan Chase.
Tagged
economy
Fannie Mae
federal government
Freddie Mac
mortgage crisis
treasury department
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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