Officials with the Treasury Department, the Federal Reserve and the Federal Housing Finance Agency seized control of embattled mortgage giants Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE:FRE) on Sept. 7, in hopes of stabilizing the housing and financial markets.
Washington, D.C.-based Fannie Mae and McLean-based Freddie Mac purchase or guarantee most of the home mortgages in the U.S. A crisis of investor confidence in the companies sent their stocks spiraling downward earlier this summer.
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Source: Wichita Business Journal, by the Atlanta Business Chronicle, Monday, September 8, 2008
