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Strategies & Market Trends : John Pitera's Market Laboratory

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From: stomper	7/13/2008 7:03:41 PM
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Treasury, Fed move to rescue Fannie and Freddie By Greg Robb Last update: 6:10 p.m. EDT July 13, 2008 The Treasury has moved to increase its existing line of credit to Fannie and Freddie. In addition, Treasury have been given the power to buy the two companies stock. In a separate vote, the Fed board of governors voted to open its discount window lending facility to Fannie and Freddie. In return, Paulson asked Congress to rework a measure in the housing bill moving through Congress to give the Fed a formal role to work with the new GSE regulator that the legislation would create. End of Story WASHINGTON (Reuters) - The U.S. Treasury Department and Federal Reserve on Sunday announced sweeping measures to lend money and buy stocks if necessary in embattled mortgage lenders Fannie Mae and Freddie Mac. Acting before a key sale on Monday of debt by Freddie Mac, Treasury and the Fed unveiled a series of measures that made clear they want the lenders to continue their pivotal role in U.S. markets and to remain in private hands. "(Their) continued strength is important to maintaining confidence and stability in our financial system and our financial markets. Therefore, we must take steps to address the current situation as we move to a stronger regulatory structure," Treasury Secretary Henry Paulson said in a statement. (Reporting by Glenn Somerville; Editing by James Dalgleish) reuters.com

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