It’s official: Government takes over Fannie and Freddie

by profsilver on September 7th, 2008

On Friday night, news broke that the government was finalizing the details of its takeover plan for Fannie Mae and Freddie Mac.

Treasury spokeswoman, Brookly McLaughlin’s response to the news: “We are not going to comment on rumors.”

The feds waited until Sunday morning to announce that alas, the rumors are true: the government is taking over Fannie Mae and Freddie Mac.

The CEOs of both companies have been replaced and the companies will be managed by the newly created Federal Housing Finance Agency.

I’ll be up early to watch the pre-market trading on these two…tumultuous times lie ahead.

b5media.com