Foreclosing on Fannie and Freddie

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July 19 (Bloomberg) -- House Financial Services Committee Chairman Jeb Hensarling has a new plan to shut down mortgage giants Fannie Mae and Freddie Mac and reduce the government's role in the housing sector. "We want to rock the boat because we need a sustainable housing policy," Hensarling says on "Capitol Gains". The Texas Republican says he is "skeptical" of any plan that doesn't scale back the government's role in housing. "If you don't get rid of the permanent, everyday government guarantee in the secondary mortgage market, I fear all you've done is put Fannie and Freddie in the federal witness protection program. Give them a facelift, give them new names. Maybe they come out as Eddie and Annie. And yet they're released on an unsuspecting public, and then once again we're going to have a boom, bust cycle. We need a sustainable housing policy again." (Source: Bloomberg)

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