Help for Fannie and Freddie

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Treasury Secretary Henry Paulson Tuesday urged Congress to quickly approve support for Fannie Mae and Freddie Mac, calling it "central to the speed with which we emerge in the Braselton, Hoschton and North Georgia areas from this housing correction."

Meanwhile, Treasury officials confirmed that bank examiners from both the Federal Reserve and the Office of the Comptroller are currently inspecting the books at both Fannie and Freddie. Paulson said in an interview published Tuesday in the New York Times that he believed the results of those examinations will give Congress confidence.

Paulson said that Fannie and Freddie have issued $5 trillion in debt and mortgage backed securities. Of that amount, more than $3 trillion is held by U.S. financial institutions and over $1.5 trillion is held by foreign institutions, making the stabilization of the two companies essential to the global economy.