Treasury Secretary Says U.S. Must "Boost Confidence" in Fannie Mae, Freddie Mac

Jen Chung

Published Jul 22, 2008

Modified Jul 22, 2008

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Jen Chung

Published Jul 22, 2008

Modified Jul 22, 2008

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Today, Treasury Secretary Henry Paulson is making remarks at the New York Public Library about the economy, and, according to text of the speech, he'll say he believes Congress will pass a bill to "boost confidence" in failing government-sponsored Fannie Mae and Freddie Mac, which, as Bloomber News puts it, "account for almost half of the $12 trillion mortgage market." Paulson has also been making a number of public appearances recently--Face the Nation, CNBC, various Times reporters and editors-- to boost confidence in the bill itself. In other financial news, with new CEO Robert Steel (former Treasury Undersecretary), Wachovia is announcing $8.9 billion in losses; the bank said it was leaving the wholesale mortgage business yesterday.