WASHINGTON - The head of the U.S. Federal Housing Finance Agency said on Thursday that Congress should create a “limited” explicit guarantee for government-sponsored enterprises Fannie Mae and Freddie Mac.
Fannie and Freddie have operated under government conservatorship since they were bailed out during the 2008 subprime mortgage crisis. Washington has struggled for years to devise a plan to safely return the companies, which guarantee over half of the nation’s mortgages, to the private sector. This week Calabria wrote to Congress asking lawmakers for more powers to overhaul the country’s housing system, including the ability to boost competition by creating more GSE charters, FHFA said in its annual report to Congress.
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Regulator to Press Congress to Act on Mortgage-Finance RevampMark Calabria, director of the Federal Housing Finance Agency, plans to submit proposals to Congress as early as this week to return Fannie and Freddie from government control to the private market. What could go wrong?
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