Rep. Barney Frank and Treasury Secretary Henry Paulson speak after a hearing of the House Financial Services Committee on July 10, 2008.Did Fannie Mae and Freddie Mac lie through "accounting"?
(the takeover could cost U.S taxpayers over $300 billion)
According to Bloomberg, Secretary Henry Paulson decided to take control of Fannie Mae and Freddie Mac after a review found the beleaguered mortgage-finance companies used accounting methods that inflated their capital, according to people with knowledge of the decision.
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