FACTBOX: Key facts on plan to takeover Fannie, Freddie

WASHINGTON (Reuters) - The U.S. government on Sunday announced a takeover of the two mortgage giants Fannie Mae and Freddie Mac to help support the ailing U.S. housing market and economy, in what could be the largest financial bailout in the nation's history.

KEY POINTS OF THE PLAN:

FEDERAL HOUSING FINANCE AGENCY (FHFA) IS NEW MANAGER:

The two government sponsored enterprises (GSEs) are placed into conservatorship and will be managed by their current regulator, the FHFA on a temporary basis.

The new chief executive of Fannie Mae will be Herb Allison, from pension fund TIAA-Cref and Merrill Lynch, replacing Daniel Mudd. The new ceo of Freddie Mac will be David Moffett from US Bancorp.

Monday morning the businesses will open as normal, only with stronger backing for the holders of MBS, senior debt and subordinated debt.

Both Fannie and Freddie will be allowed to grow their guarantee mortgage backed securities books without limits and continue to purchase replacement securities for their portfolios, about $20 billion per month without capital constraints.

US TREASURY WILL TAKE SENIOR PREFFERED STOCK IN BOTH GSE'S,

POTENTIALLY UP TO $100 BLN, AND COULD BUY UP TO 80 PCT OF THE