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Diane Publishing Books
Transitioning to Alternative Structures for Housing Finance
David Torregrosa (au)
More than six years after the federal government took control of Fannie Mae and Freddie Mac, policymakers are weighing a comprehensive overhaul of the mortgage finance system that could shrink or eventually close the two entities and create a system with more private capital. Fannie Mae and Freddie Mac, originally chartered as government-sponsored enterprises (GSEs) to ensure a stable supply of credit for residential mortgages nationwide, operate in the secondary (or resale) market where they buy mortgages from the financial institutions that make the loans. They then pool those loans to create mortgage-backed securities (MBSs), which they guarantee against defaults on principal and interest payments by borrowers and sell to investors. This report examines various mechanisms that policymakers could use to attract more private capital to the secondary mortgage market. It also addresses how those mechanisms could be combined in different ways to help the market make the transition to a new structure during the coming decade. Figures and tables. This is a print on demand report.
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