Mortgage Giants Crisis

By: Associated Press Email
By: Associated Press Email

It's a signal from the government today, that it's ready to do what's necessary to help mortgage giants Fannie Mae and Freddie Mac.

The Federal Reserve says it's giving its New York Bank the power to lend to the companies, if necessary, and the treasury is looking for an okay from congress to expand its credit to them. The most powerful people in Washington are making it clear they'll support efforts to shore up the mortgage giants.

The Senate's Majority Leader and the House Republican Leader have used almost identical language to say they “stand ready” to work with the administration to calm fears about the mortgage markets. The White House says President Bush has told treasury to ``immediately work with congress'' to get the plan passed.

John McCain and Barack Obama say they support the stabilization efforts.

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