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.
