The Fed's Sunday announcement of the takeover of mortgage giants Fannie Mae and Freddie Mac may possibly become the largest government rescue in U.S. history. The cost is high; up to $200 billion of taxpayer money could be used to fund the rescue.But the cost of taking no action and letting the two government-sponsored enterprises (GSEs) fail would have been much higher; their failure would result in the inability for many to gain access to mortgage...
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