The chairman of the House Financial Services Committee confirms that the government is planning to intervene to stabilize mortgage giants Fannie Mae and Freddie Mac.
But Congressman Barney Frank says he doesn't know the details of what's planned.
The Massachusetts Democrat says Treasury Secretary Henry Paulson "intends to use the powers that Congress provided" in a law passed in July to keep the companies going.
A person briefed on the matter says the government is planning to take over both companies, which together hold or back half of the nation's mortgage debt.
The source says the deal, which could cost taxpayers billions, is expected to include the departure of the CEOs of both companies.