I have Blogged previously here that the combined debt of Fannie Mae and Freddie Mac exceeded the debt of the United States and we could not allow these institutions to faulter (nor should we). They were created to help insure credit availability for homeownership for the middle of America, which was and remains a very noble goal. Read the complete story of the current situation here.
By Patrick Rucker of Reuters
WASHINGTON (Reuters) – The boards of mortgage finance companies Fannie Mae and Freddie Mac were set to meet on Saturday to discuss a government plan to place the companies under federal control, sources said. Complete story here.