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Bernanke statement on Fannie Mae, Freddie Mac

WASHINGTON
Sun Sep 7, 2008 12:57pm EDT

WASHINGTON (Reuters) - The following is the full text of a statement released on Sunday by Federal Reserve Chairman Ben Bernanke on mortgage finance companies Fannie Mae and Freddie Mac: "I strongly endorse both the decision by FHFA Director Lockhart to place Fannie Mae and Freddie Mac into conservatorship and the actions taken by Treasury Secretary Paulson to ensure the financial soundness of those two companies. These necessary steps will help to strengthen the U.S. housing market and promote stability in our financial markets. I also welcome the introduction of the Treasury's new purchase facility for mortgage-backed securities, which will provide critical support for mortgage markets in this period of unusual credit-market uncertainty."



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