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Congressman confirms gov’t intervention for mortgage firms

SAN FRANCISCO (MarketWatch) Rep. Barney Frank (D., Mass.) confirmed Saturday that Treasury Secretary Henry Paulson is planning government intervention to back troubled mortgage giants Fannie Mae and Freddie Mac. The chairman of the House Financial Services Committee said in a statement Saturday that Paulson “intends to use the powers that Congress provided it” in a law passed in July to keep Fannie Mae and Freddie Mac stable and functioning, according to a report from the Wall Street Journal. But Frank said he didn’t “know the details of the proposed interventions,” and a Treasury spokeswoman declined to comment, according to the Journal.

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Original post by Forextvblog

This entry was posted on Saturday, September 6th, 2008 at 12:45 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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