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Remember when Spencer Bachus said that Fannie Mae and Freddie Mac should be in liquidation, not conservatorship?
The issue was discussed during a general session at the American Securitization Forum.
Yeah… About that… Well, the GSEs ain't going anywhere. Here are just a few reasons:
Most importantly… The GSEs are profitable now.
So what exactly is the problem? Nothing, unless you care how much the government is involved with the housing market. If you're looking for re privatization of the mortgage market, with FHA dropping back to a 10-15% market share, there are a few promising signs.
In the end, even the activity trends pushing mortgages back to the private market won't overcome the overwhelming effects keeping the GSEs right where they are.
Scott Sambucci works with CoreLogic Advisroy Services, the opinions expressed here are his own.