Experts said that if plans to eliminate the Government-controlled mortgage giants, guarantee, Fannie Mae and Freddie Mac, and it is expected that mortgage rates up in the United States economy.
A group of senators in the Congress of the United States are set to complete a plan to liquidate Fannie Mae and Freddie Mac (lending) and replace the Government Bank, reinsurer mortgage securities with private capital. The two firms, which were saved from 187 billion taxpayer bailout during the financial crisis, now guarantee 30-year mortgage for generations. Most banks are willing to offer loans for such period without any support from the Government.
The new plan would require private financiers to take the first loss position to cover losses, steep, in accordance with the project plan. Senators plan to present a plan this month to plan soon. The Bill was written by Tennessee Republican Bob Corker and Virginia Democrat Mark Warner.
Experts said that the Government is seeking to create an alternative Government to repay lenders if another housing market collapse will happen in the future.
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