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Friday, September 05, 2008
WSJ: Treasury Near Finalizing Fannie, Freddie Backstop
By The Wall Street Journal
FOXBusiness
The Treasury Department is close to finalizing a plan to help shore up mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE), according to people familiar with the matter.
Precise details of Treasurys plan couldnt be learned. The plan is expected to involve a creative use of Treasurys new authority to make a capital injection into the beleaguered giants.
The plan includes changes to senior management at both companies, according to a person familiar with the plans. An announcement could come as early as this weekend. On Friday, a series of high-level meeting were planned between Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson, the chief executives of Fannie Mae and Freddie Mac and the companies new regulator, the Federal Housing Finance Agency.
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