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Treasury to ensure stable Fannie, Freddie: Barney Frank
WASHINGTON |
WASHINGTON (Reuters) - U.S. House Financial Services Committee Chairman Barney Frank said on Saturday that the U.S. Treasury Department plans to ensure the stability of mortgage finance giants Fannie Mae and Freddie Mac.
Frank said he spoke with Treasury Secretary Henry Paulson late Friday about proposed interventions by the U.S. government of Fannie and Freddie's businesses.
"He informed me that the Treasury Department intends to use the powers that Congress provided it to ensure the continued and stable functioning of Fannie Mae and Freddie Mac," Frank said in a statement.
"I am pleased by the secretary's strong reaffirmation that the vital roles these institutions play in our nation's housing markets must continue," Frank said.
(Reporting by John Poirier)
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