From the Washington Post: "The government seized control of Fannie Mae and Freddie Mac yesterday in a dramatic bid to restore faith in the embattled mortgage giants and arrest a vicious cycle that has driven the nation's economy into a steep downturn."
The Treasury Department, federal banking agencies, and the White House issued statements regarding the takeover of mortgage lenders Fannie Mae and Freddie Mac. The Treasury Department website links to numerous fact sheets related to the financial agency actions.
The Government Accountability Office (GAO) issued a report about regulation of housing government-sponsored enterprises (GSEs) in March: "Housing Government-Sponsored Enterprises: A Single Regulator Will Better Ensure Safety and Soundness and Mission Achievement." The Congressional Budget Office (CBO) director Peter R. Orszag issued a letter on July 22, 2008, on the costs of providing financial assistance to Fannie Mae and Freddie Mac.
Source: Irwin, N., and Goldfarb, Z.A. (8 Sept. 2008). "U.S. Seizes Control Of Mortgage Giants: Takeover of Fannie And Freddie Aims To Revive Housing, Financial Markets." Washington Post. A01.
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