GOP Now Expects Slow Progress on GSE Reform

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GOP leaders have touted proposals to privatize Fannie Mae and Freddie Mac. However, recent comments from members of the House Committee on Financial Services indicate Republican opinion on the need for swift action may be wavering. The Manufactured Housing Institute (MHI) reports in its Weekly Review that incoming House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises Chairman Scott Garrett (R-NJ), who is tasked with developing the majority’s GSE reform plan, recently stated, “some things can be done overnight and other things can’t be” and “you have to recognize what the impact would be on the fragile housing market as it stands right now.” Since the crash of the housing market, the federal government has been the primary guarantor of new residential mortgages. Nearly 90 percent of home loans are guaranteed by Fannie Mae, Freddie Mac, the Federal Housing Administration or the Departments of Agriculture or Veterans Affairs.

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