WASHINGTON (Reuters) - The Treasury will guarantee the mortgage securities and debt issued by Fannie Mae (FNM.N) and Freddie Mac (FRE.N) that currently exist and those issued at least into 2010, the Treasury said.

"The holders of senior debt, subordinated debt, and mortgage backed securities issued or guaranteed by these GSEs are protected by the government without regard to when those securities were issued or guaranteed," the Treasury said in a statement.

"Debt and mortgage backed securities issued or guaranteed both before and after December 31, 2009 are protected by the agreement."

On Sunday, the government took control of the two government-sponsored mortgage companies and made a promise of a fresh capital injection if the reserves of either were depleted.

A Treasury spokeswoman said that the department decided to issue a two-page notice of frequently asked questions and answers to clear some finer points of the weekend agreement.

A future Congress or administration may decide to change the terms of the agreements with Fannie Mae or Freddie Mac but the sanctity of the existing deal is protected by law.

"The U.S. Government stands behind the preferred stock purchase agreements and will honor its commitments," the document states. "As with any contract, the parties to the agreement may modify the covenants by mutual agreement only."

The Treasury holds a warrant for up to 79.9 percent of the common stock of each GSE and may exercise its right "at any time during the 20-year life of the warrant," Treasury said.

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