A Look in the Rearview: Bottom Uncertain, Fannie in Limbo
The housing oriented government sponsored entities–Freddie Mac and Fannie Mae–have been in the eye of the residential real estate, financial, and economic maelstroms.
Within the far-reaching financial system regulation make-over President Barack Obama outlined today were designs for the near-term future and oversight of the GSEs that do not include their imminent re-privatization.
Here’s a report from Inman News.
Fannie Mae and Freddie Mac are likely to remain in government conservatorship until at least next year, the Obama administration indicated today in unveiling a sweeping plan to overhaul the financial regulatory system.
The mortgage giants’ “continued stability and strength” is needed during “these difficult financial times,” the administration said in a report outlining proposed changes to the regulatory system.
The proposed changes, which will require congressional approval, would include a new financial services oversight council to identify emerging systemic risks and a new national bank supervisor to oversee all federally chartered banks.
In addition, the plan would eliminate the federal thrift charter and other loopholes that the administration says allowed some depository institutions to avoid bank holding-company regulation by the Federal Reserve.
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