The plan would replace the leaders of Fannie Mae and Freddie Mac and virtually wipe out their shareholders but let them continue to work with the government standing behind their debt.
Representative Charles B. Rangel paid no interest for more than a decade on a mortgage extended to him by a company connected to a donor to his campaigns.
Asif Ali Zardari, the widower of slain former prime minister Benazir Bhutto and a controversial politician with little experience, was elected president of Pakistan.
AP - Tropical Storm Hanna sailed easily over the beaches of Carolinas' coast early Saturday, blowing hard and dumping rain but apparently causing little damage at the start of its speedy run north to New England.
AP - The government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the nation's mortgage debt, a person briefed on the matter said Friday night.
Tropical Storm Hanna landed near the South Carolina-North Carolina state line early Saturday, battering beaches with large waves. Forecasters said Hanna should weaken before quickly traveling up the mid-Atlantic coast and into New England, dumping heavy rain along the way.
Workers at Boeing walked off the job on Saturday after nearly two days of around-the-clock talks failed to avert what could one of the nation's most disruptive strikes in more than a decade.
The widower of late Pakistani Prime Minister Benazir Bhutto has won the election to be the country's next president, Pakistani media reported Saturday.
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