Today, the Bush administration announced that the government will step in and take over control of Mortgage giants Freddie Mac and Fannie Mae. Of the $12 trillion dollar housing deficit, the two companies own or guarentee almost half of it. Shares of the two companies have dropped about 90% in the past year. As of the end of June, 9% of homeowners in the US were either behind on their payments or in forclosure. Both presidental nominees agreed that something need to be done and backed the decision for the government to step in. However I will be up to the winner to decide what to do with the companies in a few months when they take office.