Feds Sieze Fanny Mae, Freddie Mac

On Sunday, the federal government took control of Fannie Mae and Freddie Mac in a bid to keep the two mortgage giants from failing. 

The government will put billions of dollars into Fannie Mae and Freddie Mac and assume responsibility for their debt which reaches into the trillions.  The companies will be controlled by federal regulators.

Officials said they moved because the potential failure of the companies threatened incalculable harm to the mortgage market, the financial system and the broader economy because they would have been unable to finance mortgages.

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