Congressman confirms gov't intervention for mortgage firms

MarketWatch, Saturday, September 06, 2008 at 2:45 PM

SAN FRANCISCO (MarketWatch) Rep. Barney Frank (D., Mass.) confirmed Saturday
that Treasury Secretary Henry Paulson is planning government intervention to
back troubled mortgage giants Fannie Mae and Freddie Mac. The chairman of the
House Financial Services Committee said in a statement Saturday that Paulson
"intends to use the powers that Congress provided it" in a law passed in July to
keep Fannie Mae and Freddie Mac stable and functioning, according to a report
from the Wall Street Journal.