The federal government has dominated the secondary mortgage market ever since the 2008 financial crisis. Many seem to have forgotten, though, that the situation was not much different prior to the 2008 crash. This federal dominance—particularly by Fannie Mae and Freddie Mac—is problematic for the Biden administration because it violates (at the very least) the spirit of the GSE’s federal charters. Here are a few troubling facts about the secondary mortgage market, where Fannie and Freddie buy mortgages and sell mortgage-backed securities (MBS).
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