According to the draft of the bill, Washington-based Fannie Mae and McLean, Va.-based Freddie Mac would be liquidated within five years and the U.S. Treasury would assume responsibility for their existing mortgage guarantees.
The bill is a reflection of a growing consensus in Washington that the U.S role in mortgage finance should be limited to assuming risk only in catastrophic circumstances, explains a June 4 report from Bloomberg News. It also reflects the prevailing view among lawmakers that the two government sponsored enterprises should cease to exist.
Exactly what kind of impact the dissolution of Fannie and Freddie would have on the real estate business remains to be seen, says Berkshire Hathaway HomeServices President Stephen Phillips.
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Source: http://rismedia.com/2013-06-19/would-abolishing-fannie-and-freddie-stall-the-real-estate-recovery/
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