Personal Injury Law

From the Wall Street Journal: "U.S. Seizes Mortgage Giants Government Ousts CEOs of Fannie, Freddie; Promises Up to $200 Billion in Capital," by James Hagerty, Ruth Simon and Damian Paletta--

In its most dramatic by market intervention in years, the U.S. government seized two of the nation's largest financial companies, taking direct responsibility for firms that provide funding for around three-quarters of new home mortgages.

Treasury Secretary Henry Paulson announced plans Sunday to take control of troubled mortgage giants Fannie Mae and Freddie Mac and replace the companies' chief executives. The Treasury will acquire $1 billion of preferred shares in each company without providing immediate cash, and has pledged to provide as much as $200 billion to the companies as they cope with heavy losses on mortgage defaults. The Treasury's plan puts the two companies under a conservatorship, giving management control to their regulator, the Federal Housing Finance Agency, or FHFA.

--Posted by Edwardsville Illinois personal injury lawyers and the Alton Illinois truck accident attorneys of Schaeffer & Lamere, P.C., handling Illinois car accident, Illinois personal injury, products liability, workers' compensation, medical malpractice, truck accidents, and all other types of injury cases.