Updated – News Coverage: Fannie Mae and Freddie Mac
U.S. Federal Government Takeover Imminent
Taxpayers Will Now Own the Billions of Dollars of Mistakes of Others
For an explanation of what are Fannie Mae and Freddie Mac see this post.
Google Finance FNMA, FRE Comparison Chart Year
News
- 8 p.m. Saturday: Government plan to hit shareholders – Reuters
- 6 p.m. Saturday: Bloomberg story updates with Barney Frank – Bloomberg
“This is no bailout, particularly for the shareholders,” Frank said. The federal government “will be senior to all shareholders, preferred and common.”
Holders of the companies’ corporate debt and preferred shares are “very unlikely to come out of this at all happy,” and the chief executive officers will be forced out, Frank said. Paulson met with Fannie Mae CEO Daniel Mudd and Freddie Mac CEO Richard Syron yesterday to tell them of the decision to put the companies into conservatorship, and remove the executives from their jobs, according to two people briefed on the discussions. – Bloomberg, Quotes from U.S. Rep. Barney Frank
- 6 p.m. Saturday: Loan Giant Overstated Size of Its Capital Base – New York Times
- Paulson readies the bazooka - CNN/Fortune
- U.S. to take control of Fannie, Freddie: Reports – Reuters
- U.S. rescue seen at hand for two mortgage giants – New York Times
- Questions, and hope, on plans for mortgage giants – New York Times
- Paulson Plans to take control of Fannie, Freddie – Bloomberg
- U.S. nears rescue plan for Fannie, Freddie – Washington Post
- U.S. nears deal on Fan-Fred – Wall Street Journal
- Obama says Fannie, Freddie too large to let fail – Bloomberg
