Don’t Expect the GSEs to Go Away Anytime Soon

Posted To:MND NewsWire

CNBC Reports… Fannie, Freddie Cannot Exist in Current Form: Frank Rep. Barney Frank (D-Ma.), chairman of the House Financial Services Committee, said Friday that Fannie Mae and Freddie Mac should be eliminated as they stand now. “This committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance, that's the approach rather than the piecemeal one,” Frank said. Frank made his comments during the committee's hearings on executive compensation. A statement to CNBC.com from a senior congressional staff person said that Frank has said in the past that the current structure of Fannie and Freddie cannot exist and that in Frank's words, we cannot go back to the private entity with public responsibilities…(read more)

This mortgage update is brought to you by: Adam Quinones – You can read the full article at Don’t Expect the GSEs to Go Away Anytime Soon

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