(July 16, 2008)--Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."
The Fed chief made his remarks before the House Financial Services Committee, in his second day on Capitol Hill to brief lawmakers on the problems plaguing the economy.
He appeared against a backdrop of fading confidence in the U.S. financial system and in the national economy.
The Fed and the Treasury Department came to the rescue of mortgage giants Fannie Mae and Freddie Mac on Sunday, offering to throw them a financial lifeline.
Federal Reserve
Save
Email
Print
Terms of Use -
Privacy Policy -
EEO Statement
-
FCC Form 388