The White House turned up the volume on the housing finance discussion Feb. 11 when it said in a report to Congress that it wants to begin winding down Fannie Mae and Freddie Mac. Given the billions of dollars the government is spending to keep the Twins alive, it is easy to understand the public policy incentive for moving to a private sector model for mortgage securitization.
Free market solutions have their appeal, but in this case they hardly answer all the questions. What’s the future . . .
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