No Second Act for Fannie and Freddie - WSJ.com: "Current and future administrations likely want some entity to perform the functions now carried out by Fannie and Freddie. The companies support the housing market and, just as important, enable people to borrow for 30 years at a fixed rate, rare in other countries. But the government has its own guarantor in the Federal Housing Administration, which could start to back mortgages on the same scale as Fannie and Freddie.
Meanwhile, those two could be wound down slowly. They could remain private companies, ensuring that their massive obligations stay off the government balance sheet. The U.S. would lose money. Private shareholders would end up with nothing. That is why the current rally is likely to be short-lived."
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Thursday, August 6, 2009
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