U.S. Mortgage Market Should Be ‘Purely Private,’ Garrett Says

The U.S. government needs to end its role in the mortgage market as it decides the future of Fannie Mae and Freddie Mac, Congressman Scott Garrett said.

“Let me stress and be very clear where I stand: I am firmly committed to a purely private U.S. mortgage market over time, free of any government subsidies or guarantees,” Garrett said today in Orlando at the American Securitization Forum trade group’s annual conference.

The New Jersey Republican is chairman of the House Financial Services subcommittee on capital markets and government-sponsored enterprises.

Fannie Mae, based in Washington; and McLean, Virginia-based Freddie Mac are the government-controlled mortgage finance companies taken over during the financial crisis.

To contact the reporter on this story: Jody Shenn in New York at jshenn@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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