Reform of Fannie, Freddie unlikely

Reform of Fannie, Freddie unlikely despite House Republican push –

Republicans are unlikely to fix Fannie Mae and Freddie Mac this year, despite reform’s place high on the House GOP’s agenda, mortgage industry experts say.
The effort to reform Fannie and Freddie, which back the vast majority of the nation’s mortgages, is simply too large to tackle quickly, housing experts say.
In addition, the continued fragile state of the housing market makes it difficult for lawmakers to navigate a substantial exit for Fannie and Freddie, despite tough rhetoric from Republicans for more than two years. Finally, a divided government and scars over past housing debates add doubts to whether anything will happen in 2011.
“There can’t be a magic silver-bullet solution that happens in 2011,” predicted Paul Leonard, vice president of government affairs for the Housing Policy Council, which is part of the Financial Services Roundtable. “It’ll have to be the start of the big solution.”
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About Jon Perkins

Jon is the Lead agent for the Perkins Team with RE/MAX Results. Jon has been selling homes accross the Twin Cities since 1985. Jon works with his wife Mary Beth and his team of real estate professionals to provide the highest level of service available in the real estate industry.

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