WaEx: Fannie Mae and Freddie Mac are all but certain to survive another Congress and complete 10 years in the government’s hands without major reform legislation.
That anniversary comes in September, a decade since the two government-sponsored enterprises teetered during the global financial crisis and required a government bailout.
Key lawmakers who have been pushing to overhaul the mortgage giants are acknowledging that, with Congress winding down before the midterm elections, a Fannie-Freddie overhaul this year is not possible.
“I don’t feel great about anything happening this year,” acknowledged Sen. Bob Corker, the Tennessee Republican who, as a member of the Senate Banking Committee, worked behind the scenes over recent months to try to develop draft legislation that would earn support from Democrats. Without support from across the aisle, the bill hasn’t been formally introduced. read more