The federal regulator who oversees Fannie Mae and Freddie Mac is putting forward a plan to combine the two mortgage giants' divisions that issue billions of dollars in securities backed by home loans.
The plan announced Monday by Edward DeMarco, acting director of the Federal Housing Finance Agency, is part of efforts to overhaul Fannie and Freddie with the goal of shrinking the government's role in the mortgage finance system. The government rescued the companies in 2008 with $170 billion in aid, the costliest bailout of the financial crisis.
DeMarco said the new entity, separate from Fannie and Freddie, could eventually be sold or used as the foundation for a restructured mortgage market. (AP)
Saturday, May 25 2013 2:16 AM EDT2013-05-25 06:16:04 GMT
Aces Release 5/24/2013 In his first game of a Major League Rehabilitation Assignment from the Diamondbacks, infielder Willie Bloomquist boosted the Reno Aces to an 8-5 win over the Tacoma RainiersMore >>
Bloomquist went 2-for-4 with four RBI and a run scored.More >>