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Reports: Fannie Mae, Freddie Mac bailout set

The Washington Post reported on its Web site that government officials had told the two companies that their top executives would be dismissed and government funds used to prop them up. The New York Times said the company boards also would be replaced. The Times described the plan as effectively a government bailout that could cost taxpayers tens of billions of dollars and would be among the largest rescues in U.S. history.

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