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*WSJ: Treasury Close To Finalizing Plan To Backstop Fannie Mae, Freddie Mac

 

 

 

WASHINGTON (Dow Jones)--The U.S. 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 Treasury's plan couldn't be learned. The plan is expected

to involve a creative use of Treasury's 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.

 

(This story and related background material will be available on The Wall

Street Journal Web site, WSJ.com.)

 

On Friday, a series of high-level meetings 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.

 

The Treasury Department has been working with bankers at Morgan Stanley to

use its newfound authority, granted by Congress in July, to devise a way to

prop up the mortgage giants, which have been pummeled by investors in recent

weeks.

 

The two giants are vital cogs in the U.S. housing market and their financial

woes have threatened to increase the damage from the bursting of the housing

bubble.

 

"We are making progress on our work," said Treasury spokeswoman Jennifer

Zuccarelli. She declined to comment further on Treasury's plans.

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They shifted Ike futher west again. Somebody doesn't like New Orleans.

 

http://www.nhc.noaa.gov/refresh/graphics_a...l?5day#contents

686035[/snapback]

 

Warm water all the way right now. But the track has shifted reliably on every report. If it starts to firm you are right about New Orleans.

 

It ain't over till it's over.

Yogi Berra

 

I like this one to!

 

The future ain't what it used to be.

Yogi Berra

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*WSJ: Treasury Close To Finalizing Plan To Backstop Fannie Mae, Freddie Mac

 

  WASHINGTON (Dow Jones)--The U.S. 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 Treasury's plan couldn't be learned. The plan is expected

to involve a creative use of Treasury's 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.

 

  (This story and related background material will be available on The Wall

Street Journal Web site, WSJ.com.)

 

  On Friday, a series of high-level meetings 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.

 

  The Treasury Department has been working with bankers at Morgan Stanley to

use its newfound authority, granted by Congress in July, to devise a way to

prop up the mortgage giants, which have been pummeled by investors in recent

weeks.

 

  The two giants are vital cogs in the U.S. housing market and their financial

woes have threatened to increase the damage from the bursting of the housing

bubble.

 

  "We are making progress on our work," said Treasury spokeswoman Jennifer

Zuccarelli. She declined to comment further on Treasury's plans.

686039[/snapback]

 

More secret plans to shove a fist up the rears of american taxpayers while fannie and freddie senior execs make millions in salaries and bonuses.

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Doc,

 

the huge selling of GSE's by FCB's may only be a temporary effect, due to Japanese repatriation, which happend this week and which should be more ro less over. They do this at the end of their full (march30) and half (sep 30) fiscal year. Sometimes more, sometimes less, but we had HUGE moves ijn Yen crosses in the past due to this repatriation.

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