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          February 11, 2011  
                                         Fannie & Freddie: Administration To

                                                      "Wind Them Down"

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Today, the Obama Administration has delivered a 32-page report to Congress that outlines plans to "wind down Fannie Mae and Freddie Mac and shrink the government's current footprint in housing finance on a responsible timeline."

Released jointly through the Treasury and HUD, it is entitled Reforming America's Housing Finance Market - A Report to Congress, February 2011, the report is meant to lay out reforms to continue fixing the "fundamental flaws in the mortgage market" through stronger consumer protection, increased transparency for investors, improved underwriting standards, and other critical measures.  


It provides guidelines to provide "targeted and transparent support to creditworthy but underserved families" that want to own their own home, as well as affordable rental options.

We will be analyzing the various policy suggestions in this report and publish an outline in the near future, especially as it affects residential mortgage compliance.

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Overview of Report 

1. Wind Down Fannie Mae and Freddie Mac and Help Bring Private Capital Back to the Market. 

Phasing in Increased Pricing at Fannie Mae and Freddie Mac to Make Room for Private Capital, Level the Playing Field.


Reducing Conforming Loan Limits.


Phasing in 10 Percent Down Payment Requirement.


Winding Down Fannie Mae and Freddie Mac's Investment Portfolios.


Returning Federal Housing Administration (FHA) to its Traditional Role.

2. Fix the Fundamental Flaws in the Mortgage Market.

Helping Consumers Avoid Unfair Practices and Make Informed Decisions About Mortgages.


Increasing Accountability and Transparency in the Securitization Process:


Creating a More Stable Mortgage Market.


Servicing and Foreclosure Processes.


Forming a New Task Force on Coordinating and Consolidating Existing Housing Finance Agencies.

3. Better Target the Government's Support for Affordable Housing.

Reforming and Strengthening the FHA.


Rebalancing the Housing policy and Strengthening Support for Affordable Rental Housing.


Ensuring that Capital is Available to Credit-worthy Borrowers in All Communities, Including Rural Areas, Economically Distressed Regions, and Low-income Communities.


Supporting a Dedicated Funding Source for Targeted Access and Affordability Initiatives.

4. Longer-Term Reform Choices. 

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Obama Administration Plan Provides Path Forward for Reforming America's Housing Finance Market, Winding down Fannie Mae and Freddie Mac, Press Release, Treasury, 2/11/11

Reforming America's Housing Finance Market - A Report to Congress, February 2011, Treasury and HUD, 2/11/11

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