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Reuters: RPT-After the bailout: few fans but no fix for Fannie and Freddie
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WASHINGTON, April 23 (Reuters) - In
considering how to fix the ailing U.S.housing market, Republicans and Democrats in Washington have found a rare point of agreement: they would prefer life without failed mortgage giants Fannie Mae and Freddie Mac.
But even with agreement that the system is broken, it is unlikely Congress will soon tackle the mammoth task of winding down two entities that have cost taxpayers more than $150 billion since their bailout in September 2008. Fannie and Freddie now support about 60 percent of all new U.S. home loans.
Already, lawmakers have taken tentative steps to scale back Fannie Mae and Freddie Mac's involvement by reducing the size of loans that they can guarantee. Republicans and Democrats have unified behind preserving affordable homeownership.
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