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maybe this one?

U.S. Considers Taking Over Fannie Mae, Freddie Mac, NYT Reports

By Joseph Galante
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July 10 (Bloomberg) -- U.S. officials are considering plans to take over one or both of the nation's largest mortgage finance companies, Fannie Mae and Freddie Mac, if they continue to deteriorate, the New York Times reported.

The government is discussing placing them in a conservatorship, under which the companies' shares would be worth little or nothing and losses on mortgage holdings would be covered by taxpayers, the Times said, citing unidentified officials briefed on the matter. Their shares are plunging and their borrowing costs are rising as investors worry the companies will suffer losses larger than the $11 billion they have lost in recent months, the Times said.

The Bush administration is also considering offering an explicit government guarantee on the $5 trillion debt owned or guaranteed by the companies, the Times said. Such an option is less likely because it would double the public debt, the newspaper said.

Still, Fannie and Freddie aren't considered to be in a crisis, and no action is imminent, the officials told the Times.

To contact the reporter on this story: Joseph Galante in San Francisco at [email protected]