US Govt takes over Fannie and Freddie

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for The Q Wealth Report

Well, today’s Sunday, I’m still on my annual vacation… but I just saw on the news that the US Treasury Department has finally made the decision to take over Fannie Mae and Freddie Mac.

“Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe,” said Treasury Secretary Henry Paulson Jr, according to the International Herald Tribune.

We’ll certainly be hearing a lot more about this. I’ll be blogging more on the subject on my banking blog at www.petermacfarlane.net

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