WASHINGTON, DC-The former Treasury secretary, Henry M. Paulson Jr. has asked the Congress to reduce Freddie Mac and Fannie Mae's operations. These two firms had stocked up on mortgage securities during subprime crisis, which plunged the economy into recession. This led the government to take conservatorship of these firms.
He believes the government's policies to promote homeownership was the main cause of the crisis. Paulson argues that the housing market is now recovering the government should focus on other sectors. For the full story, go to The New York Times.
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