Former Fed official calls Fannie, Freddie takeover a "stopgap":

09/8/2008 | Bloomberg

The government's seizure of Fannie Mae and Freddie Mac is an attempt to keep them running into next year, when the new president and Congress can determine their future. "Some of this is a stopgap to try to prevent the mortgage market from falling apart," said William Poole, former president of the Federal Reserve Bank of St. Louis. Poole also said it is "an unacceptable situation" to have a shareholder-owned company with taxpayers covering risks.

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