US Govt to take over mortgage giants - ABC News (Australian Broadcasting Corporation)

US Govt to take over mortgage giants - ABC News (Australian Broadcasting Corporation): "US media reports say mortgage giants Freddie Mac and Fannie Mae are set to be put under government control in an attempt to rescue the firms.

The two companies own or guarantee nearly half of the nation's mortgages, totalling more than $US5 trillion.

Congressman Barney Frank has told reporters that US Treasury Secretary Henry Paulson will use government powers to ensure the continued and stable functioning of the companies."