Updated from Sept. 5 at 5:23 p.m. EDT
The chairman of the House Financial Services Committee confirmed Saturday that the U.S. Treasury is planning a government intervention to back troubled mortgage giants Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote).
Rep. Barney Frank (D., Mass.) said Treasury Secretary Henry 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, The Wall Street Journal reported Saturday afternoon. Frank said he didn't "know the details of the proposed interventions," the Journal reported.
A government shakeup and takeover of Fannie and Freddie is expected to come Sunday afternoon. The Journal reported late Friday that high-level talks between Paulson, Federal Reserve Chairman Ben Bernanke, Fannie Mae CEO Daniel Mudd, Freddie Mac CEO Richard Syron and the companies' new regulator, the Federal Housing Finance Agency, were under way. ...
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