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 Conservatives release blueprint for Trump to 'eliminate' Fannie Mae, Freddie Mac

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Conservatives release blueprint for Trump to 'eliminate' Fannie Mae, Freddie Mac Vide
PostSubject: Conservatives release blueprint for Trump to 'eliminate' Fannie Mae, Freddie Mac   Conservatives release blueprint for Trump to 'eliminate' Fannie Mae, Freddie Mac Icon_minitimeTue Feb 27, 2018 4:30 pm
Conservatives who are pushing for the elimination of Fannie Mae and Freddie Mac on Monday gave President Trump a blueprint for phasing out the government-sponsored enterprises by himself.

Analysts with the American Enterprise Institute and other right-of-center think tanks began rolling out a guide for how the Trump administration could “eliminate” Fannie and Freddie over the course of several years without any action from Congress. AEI also plans a conference Tuesday morning to discuss the paper, which could influence GOP lawmakers.

Conservatives release blueprint for Trump to 'eliminate' Fannie Mae, Freddie Mac 1060x600-4cd49fcee06131aa51a955d6b40bb9e6

The plan is tailored for enactment by a Trump appointee to the Federal Housing Finance Agency, the government entity responsible for overseeing Fannie and Freddie.

The agency is currently headed by Mel Watt, an Obama appointee whose term extends to the end of the year. But a Trump replacement, the conservative authors argue in a 113-page paper, could wind down Fannie and Freddie by gradually lowering the size limits for the loans that the two entities are allowed to purchase and repackage into mortgage-backed securities, while at the same time preventing them from buying certain kinds of loans.

“We believe that the election of Donald Trump has made it possible to break this logjam,” they wrote, referring to the government-sponsored enterprises’ nearly decadelong stay in government custody.

The plan is an alternative to legislation that a bipartisan group of senators are currently trying to advance, although that effort has not gained traction so far and faces dimming prospects ahead of the midterm elections.

The discussion draft bill, led by Sen. Bob Corker, R-Tenn., would retain key features of the current system, in which the two companies buy mortgages from banks and other lenders and package them into securities for sale to investors, complete with a government guarantee if the securities go bad. Specifically, the Corker plan would include a government guarantee for mortgage-backed securities and support for affordable housing.

http://www.washingtonexaminer.com/conservatives-release-blueprint-for-trump-to-eliminate-fannie-mae-freddie-mac/article/2650083
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