The government has taken over mortgage companies Fannie Mae and Freddie Mac to help lower mortgage rates and allow more Americans to get affordable loans. The federal rescue, announced by Treasury Secretary Henry Paulson on Sunday, September 7, gave homeowners a glimmer of hope amid the long-running housing market crisis. Both Freddie and Fannie have taken a beating over the past months due to a drop in home prices, rise in foreclosures, and increase in delinquent mortgages.