Lawyers at Freddie Mac and Fannie Mae got word of the plan on 11 July, a Friday, after they and company executives had spent a week watching their stocks tank. To restore public confidence in the mortgage giants, the US Treasury Department was stepping in with a sweeping plan that would allow them access to billions of dollars in public money.In Washington DC, where Fannie Mae is based, and across the Potomac, at Freddie Mac's home base in McLean, in-house lawyers got to work. It was going to be a very long, sleep-deprived weekend. "We were basically there around the clock", and living on "stale sandwiches and bags of potato chips", says Robert Bostrom, Freddie Mac's general counsel.
July 30, 2008 at 11:45 PM
1 minute read
The original version of this story was published on Legalweek
Marisa McQuilken examines the legal players involved in the high-stakes bid to rescue mortgage giants Freddie Mac and Fannie Mae
Lawyers at Freddie Mac and Fannie Mae got word of the plan on 11 July, a Friday, after they and company executives had spent a week watching their stocks tank. To restore public confidence in the mortgage giants, the US Treasury Department was stepping in with a sweeping plan that would allow them access to billions of dollars in public money.
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