Bush Helps Fannie Mae and Freddie Mac

The Bush administration on Sunday said it was taking over Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are entities created by Congress - that operate like private companies with shareholders and corporate boards - to finance and guarantee home loans in the United States. Together, the companies hold nearly half of the country's mortgages. The administration said it would funnel billions of dollars in taxpayer money into the companies to help keep them afloat.


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