US spells out Fannie-Freddie backstop plan
BUSINESSWEEK - The Associated Press July 14, 2008, 10:02AM ET By JEANNINE AVERSA WASHINGTON - Scrambling to bolster eroding investor confidence, the Federal Reserve and the Treasury Department announced steps to brace slumping mortgage giants Fannie Mae and Freddie Mac. The companies’ shares, which have plunged as losses from their mortgage holdings threatened their financial survival, opened higher Monday. Fannie Mae rose 27 cents to $10.53, while Freddie Mac climbed 34 cents to $8.08. The
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