US Treasury takes over major mortgage lenders
Updated
The US government has launched a takeover of the nation's two biggest mortgage companies, in an effort to contain the damage from the devastating housing slump. The massive intervention has targeted two firms, Fannie Mae and Freddie Mac, which together have a lending role in half of all mortgages in the United States. The Treasury has estimated the bailout could cost hundreds of billions of dollars.
Presenter: Washington Correspondent Kim Landers
Speakers: US Treasury Secretary Henry Paulson; Frederick Cannon, analyst for Keefe, Bruyette and Woods; Republican presidential candidate John McCain
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