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Fannie-Freddie in Venture to Securitize Home Loans

nytimes.comMarch 5, 2013

WASHINGTON (Reuters) — Fannie Mae and Freddie Mac will form a new joint company for securitizing home loans as a steppingstone toward reducing government involvement in the mortgage market, the regulator of the government-controlled companies said on Monday.

“The overarching goal is to create something of value that could either be sold or used by policy makers as a foundational element of the mortgage market of the future,” the regulator, Edward DeMarco, who is the acting director of the Federal Housing Finance Agency, said in remarks prepared for a conference.

Fannie Mae and Freddie Mac, which were bailed out by the government in 2008, help finance about two-thirds of new home loans. Mr. DeMarco is seeking to shrink them and reduce risks to the taxpayers who support the mortgage giants.

Since they were seized by the government in the bailout, the companies have drawn nearly $190 billion from the Treasury to stay afloat.

By creating a new securitization company, the Federal Housing Finance Agency intends to pave the way for a single securitization platform, forcing Fannie Mae and Freddie Mac to abandon their current separate systems. Mr. DeMarco said the goal was to build a single infrastructure to support the mortgage credit business.

The new company would be structured as a joint venture owned by Fannie Mae and Freddie Mac, Mr. DeMarco told reporters in a conference call to discuss his agency’s plans.

In the long term, he said, policy makers will most likely decide how the securitization platform is operated, and whether it should be privatized.

“We are on a path to replace the outdated proprietary operational systems of Fannie and Freddie,” Mr. DeMarco told reporters. “It could be turned to some form of a market utility.”


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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