FHFA Calls For Big Changes to Fannie/Freddie Conservatorship

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Posted To: MND NewsWire

Federal Housing Finance Agency (FHFA) Director Mel Watt had three messages for the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Thursday: Fannie Mae and Freddie Mac (the GSEs) are not the companies they were before they were put in conservatorship Congress needs to act urgently on housing finance reform; and The current financial strictures on the GSEs are not sustainable. It was the third message that will probably grab the most attention . In delivering it, Watt appeared to serve notice that he is ready to end the net worth sweep that will ultimate reduce the capital held by the GSEs to zero at the beginning of 2018. Watt, who has been director of FHFA since 2014, reminded members of the Senate committee that the GSEs are in their ninth year under FHFA conservatorship and…(read more)

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