In assessing future options for fannie mae and freddie mac a fundamental issue is what role if any the federal government should play in the secondary mortgage market historically support for that market has been part of a broader federal housing policy aimed at encouraging home ownership and to a lesser extent at making housing more affordable for low and moderate income families the . This study looks at how fannie mae and freddie mac evolved into the institutions they are today as context for discussing future options the study also examines both the rationales that are often cited for federal involvement in the secondary mortgage market and the problems with fannie mae and freddie mac that existed before the recent financial crisis the secondary market channels funds . Now operating under federal conservatorship fannie mae and freddie mac continue to play a central role in the secondary mortgage market last year the gses guaranteed three quarters of new residential mortgages originated in the united states and they hold or guarantee nearly 50 percent of the outstanding residential mortgage debt. Fannie mae and freddie mac had announced earlier this month that they would begin charging lenders a 05 adverse market fee on all refinances beginning on sept 1 now the two mortgage . Fannie mae and freddie mac played a starring role in the financial crisis of 2008 thanks to their implicit guarantee remember that both companies were chartered by congress and filled federally
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