Republicans call for swift action to weaken Fannie and Freddie

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ORLANDO – Republicans are calling on Washington to begin winding down mortgage finance giants Fannie Mae and Freddie Mac, the first step in a longer-term plan to get the federal government out of the housing business.

At a financial conference here Monday, Republicans unveiled a four-point outline of how they want to overhaul the nation’s troubled mortgage system, including shrinking the number of mortgages owned by the troubled companies. The announcement comes only days before the Obama administration is expected to issue its own strategy on federally sponsored mortgages.

Rep. Scott Garrett (R-N.J.), chairman of the House Financial Services subcommittee on housing finance, says the government must take immediate steps to curtail Fannie Mae and Freddie Mac and to craft a longer-term plan to privatize the nation’s mortgage market.

Full Story: Republicans call for swift action to weaken Fannie and Freddie