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Frank says gov’t will stabilize Fannie, Freddie
WASHINGTON (AP) — A top House Democrat confirms that Treasury Secretary Henry Paulson is planning government intervention to back troubled mortgage finance companies Fannie Mae and Freddie Mac.
Rep. Barney Frank, D-Mass., 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.
But Frank said he did not “know the details of the proposed interventions,” and a Treasury spokeswoman declined to comment.
