[Marxism] Fannie and Freddie Get Seized.

[S. Artesian]

NEW YORK (CNNMoney.com) -- Federal officials on Sunday unveiled an 
extraordinary takeover of Fannie Mae and Freddie Mac, putting the government 
in charge of the twin mortgage giants and the $5 trillion in home loans they 
back.

The move marks Washington's most dramatic attempt yet to shore up the 
nation's housing market, which is suffering from record foreclosures and 
falling prices.

The sweeping plan, announced by Treasury Secretary Henry Paulson and James 
Lockhart, director of the Federal Housing Finance Agency, places the two 
companies into a "conservatorship" to be overseen by the Federal Housing 
Finance Agency. Under conservatorship, the government would temporarily run 
Fannie and Freddie until they are on stronger footing.