Obama to Propose Eliminating Fannie Mae, Freddie Mac [View all]
Source: CBS News
Obama to propose eliminating Fannie Mae, Freddie Mac
August 06, 2013
As Arizona's housing industry slowly and disjointedly recovers from the massive hit it took after the 2008 bust, it provides the perfect setting for the overarching theme of President Obama's economic message this summer: The economy is recovering, but it's not recovering fast enough.
On Tuesday, Mr. Obama will deliver a speech in Phoenix to, as White House spokesman Jay Carney put it Monday, "lay out proposals for continuing to help responsible homeowners and those Americans who seek to own their homes."
Specifically, the president will lay out a proposal to overhaul the mortgage finance system and urge Congress to phase out Fannie Mae and Freddie Mac, which were bailed out by the government five years ago. In its place, Mr. Obama will propose shifting the bulk of the burden of backing mortgages to the private sector.
Read more: http://www.cbsnews.com/8301-250_162-57597105/obama-to-propose-eliminating-fannie-mae-freddie-mac
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