Dodd: Answers needed in takeover of housing giants

WASHINGTON - (AP) - Sen. Christopher Dodd says thereare many unanswered questions about the temporary federal takeoverof mortgage giants Fannie Mae and Freddie Mac.

Dodd, Chairman of the Senate Committee on Banking, Housing andUrban Affairs, says Americans deserve to know if this proposal will help keep mortgages affordable, stabilize the markets and protect taxpayer interests.

Dodd says in the coming days, he will invite the architects ofthis plan to come before the Banking Committee to provide membersof Congress and the public with more information.

The Treasury Department says it's prepared to put up as much as$100 billion over time in each of the companies if need be to keepthem from going broke. In exchange, the government gets ownershipstakes and $2 billion of preferred stock, paying 10-percentinterest.

Together, Freddie Mac and Fannie Mae own or guarantee about halfthe nation's home loans.

advertisement | advertise on News 12

Trending Video

News 12 asked viewers what they thought of 1 Connecticut Talks Trump: First 100 Days
Doctors say the recent spring weather has caused 2 Warm weather causes trouble for asthma patients
Police said they received multiple reports of the 3 Police search Greenwich for armed robbery suspect
Connecticut Traffic Advisory for 4/28 4 Connecticut Traffic Advisory for 4/28
Suchada Palmer, a personal chef and culinary instructor, 5 Chef's Quick Tip: Papaya Salad

advertisement | advertise on News 12

Features

Focus on Connecticut Focus on Connecticut

Features local, state and federal officials discussing the issues around southwestern Connecticut.

Celebrates African-American culture in southwestern Connecticut. Our Lives

Celebrates African-American culture in southwestern Connecticut.

Each week News 12 Connecticut introduces you to Hometown Hero

News 12 highlights people who give to the community.

We spotlight a local team each week. Connecticut Team of the Week

Each week News 12 Connecticut highlights a team from a local school.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE