Five Takeaways on Housing-Finance Reform From Obama’s Town Hall
RESTRUCTURING MORTGAGE SYSTEM TO TAKE YEARS Fannie Mae and Freddie Mac became dominant players in housing finance when private lending to home-buyers declined after the financial crisis. The government-backed companies own or guarantee more than half of all U.S. home loans and are critical to keeping capital flowing to lenders and borrowers. Restructuring of the $11 trillion mortgage finance system is expected to take years. Any overhaul must also include a mechanism to maintain stability for the 30-year-fixed rate mortgage even in shaky financial markets, the official said.
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The government can be a backstop, he said, but it shouldnt be the dominant player. 3. which means the future could end up looking something like the pastjust not the very recent past. In some ways, its a return to earlier models, said Mr. Obama. Even before the housing bust, in which the U.S.