The federal government is taking over mortgage giants Fannie Mae and Freddie Mac. On September 7 the government announced that the Federal Housing Finance Agency would take over Fannie (the Federal National Mortgage Association) and Freddie (the Federal Home Loan Mortgage Corporation). The two government-sponsored entities securitize billions of dollars’ worth of mortgages. The decline in the U.S. housing sector led to market skepticism about their ability to service that debt without a government bailout.
As part of the plan, both companies’ CEOs will be removed, with Herbert Allison, Jr., the former chairman of teachers pension fund giant TIAA–CREF, taking the reins at Fannie Mae from Daniel Mudd. David Moffett, a senior adviser at The Carlyle Group, will replace Richard Syron.
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