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Page last updated at 16:03 GMT, Sunday, 7 September 2008 17:03 UK

Takeover plan full statement

The US government has announced plans for the takeover of struggling mortgage giants Freddie Mac and Fannie Mae.

Treasury Secretary Henry Paulson said it was necessary to take action as the firms were "more exposed" than other financial institutions.

James Lockhart, Director of the Federal Housing Finance Agency, joined Mr Paulson in outlining the proposed takeover plan.

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