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The House Capital Markets & Government Sponsored Enterprises Subcommittee passed eight bills last week that would severely restrict Fannie Mae’s and Freddie Mac’s participation in the housing market and expeditiously wind down the GSEs, which are currently in government conservatorship.  The bills will now head to Congress.

Both C.A.R. and NAR have long advocated for reform of Fannie and Freddie.  However, there is great concern over the potential impact this far-reaching approach would have on the nation’s fragile housing market. 

If Congress were to pass the eight bills, it likely would severely restrict the availability of affordable capital in the housing market.  C.A.R. is hopeful Congress will hold appropriate hearings and construct a more-comprehensive approach to reform the two mortgage giants.  Currently, the GSEs own or guarantee more than $5 trillion in mortgages.  

 

C.A.R.

Posted by Adam Andrus on April 14th, 2011 10:28 AMPost a Comment (0)

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