Thursday, June 4, 2009

Congress Begins Debating Fannie/Freddie Restructuring

The fate of government sponsored enterprises in the mortgage markets will be a "long distance relay between Congresses, not a 100 meter sprint within the 111th Congress" according to House Financial Services Capital Markets Subcommittee Chairman Paul Kanjorski of Pennsylvania. His subcommittee began hearings yesterday on restructuring of Fannie Mae and Freddie Mac, both of which were put under Treasury Department conservatorship last September. House Financial Services ranking member Spencer Bachus says "any discussion of the long-term future of the GSE's must include a bailout exit strategy."
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