WASHINGTON, DC-According to Barney Frank, Chairman of the House Financial Services panel, Freddie Mac and Fannie Mae, two of the biggest mortgage finance companies, should be removed from housing market reform. Frank's comments follow the meeting held by Treasury Secretary, Timothy Geithner in Washington that invited ideas for the restructuring of the $10.7 trillion mortgage market from housing industry leaders.
Collectively, the Federal Housing Administration, Freddie Mac and Fannie Mae finance 90% of all new US home mortgages. For the full story, go to The New York Times.
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