“Treasury chief Paulson unveils historic government takeover of twin mortgage buyers. Top executives are out.”

By David Ellis, CNNMoney.com staff writer
“Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back.

The move, which extends as much as $200 billion in Treasury support to the two companies, marks Washington’s most dramatic attempt yet to shore up the nation’s housing market, which is suffering from record foreclosures and falling prices.”

That is a major step that the Government took to stabilize the economy.For more details on this topic, please go to: (CNNMoney.com)