Regulators Seizing Fannie, Freddie

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The federal government is taking control of troubled mortgage giants Fannie Mae and Freddie Mac, and both chief executives are being replaced.

Treasury Secretary Paulson: “It is necessary to take action… A failure of either of them would cause great turmoil in our financial markets here at home and around the globe.” Read full statement.

Obama team responds: “This plan must not focus on the whims of lobbyists and special interests worried about their bonuses and hourly fees….” Read full statement.

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