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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (30249)	5/6/2010 5:28:37 PM
From: DuckTapeSunroof	Respond to of 103300

Bernanke Sees Privatizing Fannie, Freddie As Overhaul Option MAY 6, 2010, 11:49 A.M. ET By Howard Packowitz Of DOW JONES NEWSWIRES online.wsj.com CHICAGO (Dow Jones)--Federal Reserve Chairman Ben Bernanke said Thursday the nation's housing policy needs reform, perhaps by privatizing the government sponsored enterprises responsible for issuing home loans. Privatizing Fannie Mae (FNM) and Freddie Mac (FRE) would enable them to compete in the marketplace for securitization. Congress could also make the GSE's "fully public, to "make them honest" in accomplishing the objectives of providing affordable homes, said Bernanke. The Fed chief said Fannie and Freddie's model wasn't sustainable prior to the collapse of the subprime lending market, which helped trigger the worst economic slowdown since the Great Depression. "What we had before was a wink and a nod," as Congress didn't provide the GSE's with adequate capital to meet federal goals, said Bernanke. The chairman made his remarks during a question-and-answer session after an address before the Chicago Federal Reserve Bank's annual conference on bank structure and competition. -By Howard Packowitz, Dow Jones Newswires; 312-750-4132; howard.packowitz@dowjones.com