Lawyers at Freddie Mac and Fannie Mae got word of the plan on July 11, a Friday, after they and company executives had spent a week watching their stocks tank. To restore public confidence in the mortgage giants, the Treasury Department was stepping in with a sweeping plan that would allow them access to billions of dollars in public money.
In Washington, D.C., where Fannie Mae is based, and across the Potomac, at Freddie Mac‘s home base in McLean, Va., in-house lawyers got to work. It was going to be a very long, sleep-deprived weekend: “We were basically there around the clock,” and living on “stale sandwiches and bags of potato chips,” says Robert Bostrom, Freddie Mac’s general counsel.
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