A central piece of the government’s overhaul plan involves phasing out the nation’s two largest mortgage companies over the next several years to build up the private sector’s role in housing finance. The agency charged with overseeing Fannie Mae and Freddie Mac acknowledges that the two firms can’t continue in their current form.
In a statement issued following the release of the administration’s proposal, Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA) said, “The conservatorships of Fannie Mae and Freddie Mac…were put in place to provide near-term stability to the mortgage market and to give policymakers an opportunity to evaluate the role of the government….
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