Fannie and Freddie replace CEOs

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Fannie Mae and Freddie Mac, the US government-sponsored entities, have replaced their chief executives and undergone further management reorganisation after effectively being nationalised by the US government last month.

The US Treasury and Federal Housing Finance Agency (FHFA) announced details of a rescue plan to place the two companies into conservatorship on September 7. Fannie Mae and Freddie Mac have both reported mounting losses in recent months on the back of the problems in the US

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