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Another Bad Idea: Fannie and Freddie as Utilities
In the more than twelve years since their 2008 failure, nobody has been able to figure out how to end Fannie Mae and Freddie Mac being wards of the state, as their continued existence is wholly dependent on the generosity of the taxpayer by way of the U.S. Treasury’s credit. Many proposals, legislative and otherwise, for restructuring or replacing these behemoths have come and gone. Now, arguments are increasingly being made to retread these government sponsored enterprises (GSEs) as privately owned, public utilities. While this idea has its promoters, we believe it is fundamentally a bad idea. How the Government Mortgage Complex does love to propose rent-seeking solutions that operate with the largest possible government guarantee.
What a new plan for GSE reform could mean for borrowers There’s been a lot of talk about getting Fannie Mae and Freddie Mac out of conservatorship, although that could change now that President Joe Biden is in the White House. However, Biden’s presidency does not necessarily mean that reform for the government-sponsored enterprises is entirely out of the cards. Q1 2021 hedge fund letters, conferences […] Free Book Preview
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There s been a lot of talk about getting Fannie Mae and Freddie Mac out of conservatorship, although that could change now that President Joe Biden is in the White House. However, Biden s presidency does not necessarily mean that reform for the government-sponsored enterprises is entirely out of the cards.