The federal government announced today that they have officially seized Fannie Mae and Freddie Mac, the nation's two largest mortgage giants. To avert a potential crisis in the national and world market the Bush administration has replaced the heads of both companies. Fannie Mae will gain Herb Allsion, a former vice chairman of Merill Lynch and Freddie Mac will be headed by David Moffett, a former vice chairman of US Bancorp. Both companies will be ran by the Federal Housing Finance Agency, the agency was created this past summer. For now it will be up to the next President of the United States to determine the companies future and their structure. For this and other news please go to http://www.foxnews.com/, http://www.cnn.com/, or http://www.yahoo.com/.
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