Home Depot: Fannie, Freddie bailout needed

ATLANTA The government's bailout of Fannie Mae and Freddie Mac was welcomed by Home Depot, ceo Frank Blake said.

According to a Reuters report, Blake said the U.S. Treasury's decision to take over Fannie and Freddie, which back nearly half of the country's mortages, was a necessary step.

Home Depot and other home improvement retailers have especially been hit hard by the struggling housing market.

The company's shares, along with its competitors, rose by 5% or more on the news of the government takeover, Reuters reported.