The plan’s goal is to “promote private sector competition in the housing finance system.”
The U.S. government took control of Fannie Mae and Freddie Mac in 2008. : The Trump administration on Thursday proposed a plan that would bring mortgage buyers Fannie Mae and Freddie Mac out of government conservatorship, where both have been for 11 years after being bailed out by the government in the wake of the 2008 financial crisis.
The plan includes a spate of broad legislative and administrative proposals that aim to reduce the government’s role in the mortgage market. The proposals include making Fannie Mae and Freddie Mac private, but the government would still give a line of credit to the companies in the event of an emergency, in return for a periodic fee so taxpayers don’t lose out. The move will not affect current mortgages.Both companies don’t lend directly to home-buyers. Instead, they buy existing mortgages from lenders, such as banks, and either hold them or package them into securities to sell to other investors.
After the fiasco, members of both parties said they wanted to abolish the companies, which are privately held but were created by Congress, but Trump’s plan backs down from that.The plan did not address the question of what would become of the government’s sizable stake in the companies.: Many of the proposals are legislative fixes requiring Congressional approval.
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