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Fannie, Freddie Bailout Draws Big Legal Guns

Law360 (September 8, 2008, 12:00 AM EDT) -- A handful of the top law firms in the world have been quietly working behind the scenes to aid the U.S. government's takeover of the floundering mortgage lenders.

Over the weekend, the Bush administration opted to place both Fannie Mae and Freddie Mac under "conservatorship,” meaning the U.S. would assume control of both of the government-sponsored entities, fire the companies' chief executives and inject up to $200 billion in capital.

The decision came after government advisers discovered that the firm's capital situation was weaker than previously...
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