Feds take over mortgage giants Fannie Mae and Freddie Mac. 11th FDIC-insured institution to close this year. Treasury announced it was taking over the two mortgage giants. Tower Group mortgage industry experts Craig Focardi and David Hamermesh see the takeover as a positive. They expect the conservatorship status will help “shore up” many concerns around the liquidity of GSE-backed lending. The Tower Group experts believe that the GSEs must quickly work to develop risk management systems and controls.”]