U.S. Rescue Seen at Hand for 2 Mortgage Giants

Senior officials from the Bush administration and the Federal Reserve on Friday called in top executives of Fannie Mae and Freddie Mac, the mortgage finance giants, and told them that the government was preparing to place the two companies under federal control, officials and company executives briefed on the discussions said.

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Translation: The US Government will bail out these corporations and stick YOU with the bill!

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