{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Uncle Sam has just become the 800 pound gorilla in the U.S. mortgage market.¶   The Bush administration is seizing troubled mortgage giants Fannie Mae and Freddie Mac in a bid to help reverse a prolonged housing and credit crisis.' data-url='/boclips/videos/5c54bf8bd8eafeecae143fa7' data-video-url='/boclips/videos/5c54bf8bd8eafeecae143fa7' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUncle Sam has just become the 800 pound gorilla in the U.S. mortgage market.¶   The Bush administration is seizing troubled mortgage giants Fannie Mae and Freddie Mac in a bid to help reverse a prolonged housing and credit crisis.\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eHEADLINE:Investors, industry pleased with Govt. takeoverCAPTION:    Uncle Sam has just become the 800 pound gorilla in the U.S. mortgage market. The Bush administration is seizing troubled mortgage giants Fannie Mae and Freddie Mac in a...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eHEADLINE:Investors, industry pleased with Govt. takeover\u003cbr/\u003eCAPTION:    Uncle Sam has just become the 800 pound gorilla in the U.S. mortgage market. The Bush administration is seizing troubled mortgage giants Fannie Mae and Freddie Mac in a bid to help reverse a prolonged housing and credit crisis. (Sept. 8)\u003cbr/\u003e [Notes:ANCHOR VOICE]\u003cbr/\u003eThe government seizure of troubled mortgage giants Fannie Mae and Freddie Mac is intended to help reverse the prolonged housing and credit crisis.\u003cbr/\u003eUnder the conservatorship, the Treasury Department is prepared to put up as much as $200 billion over time if needed. \u003cbr/\u003e [Notes:SOT: Van Johnson - Pres. Georgia Assoc of realtors]\u003cbr/\u003eEconomists say propping up the companies was a better move than allowing them to falter.\u003cbr/\u003e [Notes:SOT: Bathj Ann Bovino, S\u0026amp;P Economist]\u003cbr/\u003eSunday's announcement was welcome news not only for strapped borrowers, but for mortgage brokers as well.\u003cbr/\u003e [Notes:SOT: John A. Courson - COO - MBAA\\]\u003cbr/\u003eThe government, which will receive warrants representing ownership stakes of 79.9 percent in each company, is hoping that its moves will reassure nervous investors.\u003cbr/\u003eThe initial reaction was one of enthusiasm. The Dow Jones industrial average ended the day up  290 points.\u003cbr/\u003e [Notes:SOT: Jim Awad, Managing Dir., Zephr Management]\u003cbr/\u003e [Notes:SOT\\John Demitroff - Financial Services Salesperson]\u003cbr/\u003e The conservatorship will be run by the Federal Housing Finance Agency and the executives and board of directors of both institutions are being replaced.  \u003cbr/\u003eHerb Allison, the former head of the retirement investment fund  TIAA-CREF, (TEE-uh KREHF)\u003cbr/\u003ewas selected to head Fannie Mae, and David Moffett, a former vice chairman of US Bancorp, was picked to head Freddie Mac.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead 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