White House Plans to Revamp Mortgage Market
Administration Proposal to Recommend Eliminating Fannie and Freddie, Curbing Government Role in Housing Finance
More than two years after the government seized Fannie Mae and Freddie Mac, the Obama administration will recommend phasing out the housing-finance giants and gradually reducing the government's footprint in the mortgage market, according to people familiar with the matter.
The administration is expected to include three options for a post-Fannie and Freddie world when it releases a long-awaited proposal for the future of the nation's $10.6 trillion mortgage market, which could come as soon as Friday. Together with federal agencies, Fannie and Freddie have accounted for nine of 10 new loan originations in the past year.
See the entire story from The Wall Street Journal >>
Posted on Wed, February 9, 2011