Officials announce takeover of mortgage giants
Government assumes control over mortgage giants Fannie Mae and Freddie Mac
WASHINGTON (AP) -- The Bush administration, acting to avert the potential for major financial turmoil, announced Sunday that the federal government was taking control of mortgage giants Fannie Mae and Freddie Mac.
Officials announced that the executives and board of directors of both institutions had been replaced. Herb Allison, a former vice chairman of Merrill Lynch, was selected to head Fannie Mae, and David Moffett, a former vice chairman of US Bancorp, was picked to head Freddie Mac.
http://biz.yahoo.com/ap/080907/mortgage_giants_crisis.html
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